- Yellow Card and Tether are hosting a crypto education tour setting their sights on African Youth Market.
- Yellow Card is among the top titan in Africa’s fintech Industry as it seeks to provide financial inclusion throughout the continent
- The crypto education includes Financial Literacy Tour in universities and a canvassing campaign that directly engaged Yellow Card and users
2023 was not the best year for Africa’s digital currency adoption rate. Due to the FTX crash, many organizations have suffered significantly within the past few months. African crypto traders are now cautiously treading over the market while most have given up on the trade. Furthermore, most African-based exchanges have shut down their operations due to a highly volatile market and low trading volumes.
Regardless, some organizations have persevered and sought to revive the ecosystem. Yellow Card, a leading pan-African fintech and crypto exchange, and Tether, the world’s largest stablecoin provider, are hosting a crypto education tour setting their sights on African Youth Market.
This newly formed alliance might be what the content requires to revive its former glory within the crypto ecosystem.
Yellow Card sets the pace for change.
Yellow Card is among the top titan in Africa’s fintech Industry as it seeks to provide financial inclusion throughout the continent. The story behind its success is told over and over here at Web3Africa. The news is simply because the pan-African fintech keeps shattering expectations.
In 2021. Yellow Card successfully raised $15 million on Series A funding, giving in a head that most African exchanges cannot acquire. Within the same year, they hit 1 million customers setting the pace of success to a new level. Despite the tragedy of 2022, the Yellow Card still managed to pull ahead and sustain both its credibility and customers, only succumbing to a few losses.
In addition, they were among the first African exchange to acquire the Virtual Asset Serve Provider License. This crypto license opened doors for the continent’s digital currency adoption and enabled Yellow Card to operate in Botswana.
Unfortunately, like most within the crypto ecosystem, the pan-Afrian fintech suffered significant losses due to the crypto crash. To retaliate and give it the edge, it required launching a new feature within its ecosystem; Yellow Pay.
This new feature would leverage the company’s crypto exchange platform to compete with customer transactions in USDT or Tether. This was the first sign of collaboration with the global Stablecoin Provider. Yellow Pay unlocked new levels of transaction speed, low cost and better functionality for their overall systems.
Chris Maurice, CEO of Yellow Card, stated at the beginning of the year that the Pan Africa fintech would still find a way to turn the tide of the crypto market. Fortunately, he stayed turned to his words, leading to a crypto partnership with Tether, the world’s largest Stablecoin Provider.
Yellow Card forms a new alliance.
Yellow Card recently collaborated with Tether to exploit Africa’s increasing Youth Market. Promoting digital currency adoption in Africa is among the primary goals of the Yellow Card, and thus the collaboration would essentially build on their final destinations.
Within the week, Yellow Card announced their partnership would contain serial phases to improve the adoption rate. Phase One included the expansion of crypto education across three key African markets. It involved a two-month collaboration focused on raising awareness, providing crypto education and driving the adoption of USDT, ether’s stablecoin. The expansion of crypto education revolved around Nigeria, Kenya and Ghana since all three are critical focal points in AFrica’s entire crypto ecosystem.
Further, the crypto education included Financial Literacy Tour in universities and a canvassing campaign that directly engaged Yellow Card and users. Fortunately, the campaigns proved worthwhile, given the growing nature of digital currency adoption. Ultimately, the Stablecoin Provider and the pan-African fintech reached over 10,000 youths. This figure mainly comprised students from; the University of Nairobi in Kenya, the University of Benin in Nigeria, and the Kwame Nkrumah University of Science and Technology in Ghana.
According to feedback, Tether provided an easy starting point by providing its stablecoin, a digital currency that mimics the dollar’s value. Given its simple mechanisms, it is an ample reference to the African Youth market.
Peter Mureu, Director of Marketing at Yellow Card, positively remarked on the result of the crypto education campaign. He said, “This remarkable collaboration with Tether has provided us with an invaluable opportunity to witness the profound impact of financial education on the youth. It aligns with our overarching mission to promote financial freedom for all, encompassing initiatives like the Financial Literacy Tour and the YC Academy. As crypto adoption grows in Africa, so does the need for financial education.”
Paolo Ardoino, CTO of Tether, also claimed,” We as a Stablecoin Provider recognize Africa’s Youth market as a pivot component in the entire crypto ecosystem. The continent has demonstrated remarkable potential for growth and innovation in the digital currency space. Africa’s increasing cryptocurrency adoption and the demand for stablecoins highlight the need for accessible and efficient financial solutions. Tether is committed to addressing African communities’ unique challenges through our collaboration with Yellow Card. Our stablecoin, USD₮, provides practical solutions for cross-border payments and empowers individuals, including gig economy workers, to receive fast and secure transactions, bypassing traditional intermediaries.“
As a Stablecoin Provider, Tether offers numerous practical solutions for most of the challenges in Africa. Since the US dollar pegs its stablecoins, it provides some security that most digital currencies do not.
Furthermore, they provide convenient and cost-effective methods for cross-border payments. Their easy-to-use platform and features have led many within Africa’s Youth Market. Moreover, Yellow Cad has already established a stronghold in Africa, providing the perfect environment for the crypto education tour.
In Phase Two, the collaboration aims to reach an even broader audience are the country. With the success of phase one, we might gear up for a new wave of digital currency adoption in Africa.