Yellow Card, a leading fintech firm in Africa, has secured a pivotal Crypto Asset Service Provider (CASP) license from South Africa’s Financial Sector Conduct Authority (FSCA). This milestone underscores the company’s commitment to compliance and innovation in the rapidly expanding cryptocurrency market.
The CASP license allows Yellow Card to provide secure and regulated cryptocurrency services, aligning with its mission to enhance access to digital assets across Africa. Chris Maurice, CEO and co-founder, described the achievement as a testament to the firm’s dedication to providing transformative financial solutions.
“The CASP licence underscores Yellow Card’s commitment to its customers in South Africa and regulatory compliance across the continent.This achievement reflects our dedication to providing secure, compliant and transformative solutions for our customers both in South Africa and across Africa.” Maurice said.
The adoption of stablecoins, particularly in South Africa, is soaring, with monthly growth rates surpassing 50%. In 2023, stablecoins overtook bitcoin as the most traded cryptocurrency in the region, reflecting increased trust and utility among South African users. Yellow Card’s presence in South Africa since 2020 has already facilitated transactions exceeding $3 billion across the continent.
Backed by prominent investors, including Blockchain Capital and Coinbase Ventures, Yellow Card recently concluded a $33 million Series C funding round. The capital infusion will drive the firm’s efforts to expand its B2B offerings, optimize its stablecoin infrastructure, and enhance its Payments API and on/off-ramp solutions.
This development cements Yellow Card’s role as a leader in Africa’s crypto landscape. With plans for further innovation and market expansion, the company is well-positioned to support businesses seeking seamless, cost-effective financial tools in the digital era.
Yellow Card is the largest and first licensed Stablecoin on/off ramp in Africa. They provide secure and cost-effective methods to buy and sell USDT, USDC, and PYUSD via your local currency directly, and through our Payments API.
In 2019 Yellow Card launched in Nigeria with the objective “basic financial services for all”, soon expanding to 20 African countries. The Yellow Card trading app has been integrated with local payment methods in each country (like mobile money, bank transfers, and cash agents) for smooth trading of Bitcoin and Stablecoins.
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