Africa’s crypto scene has received a significant boost after regional fintech Yellow Card announced the integration of PayPal USD (PYUSD) payments.
PayPal’s stablecoin, which is issued by Paxos, is set to transform the digital financial landscape of Africa by bridging it with the US economy.
Africa’s crypto industry is currently experiencing a period of rapid growth, with a report by Chainalysis encompassing developments between 2020 and 2021 showing that the market on the continent grew over 1200%.
Nigeria, Morocco and Kenya in particular are the best-performing African countries, ranking in the top 20 markets for crypto adoption globally.
This can be also attributed to the use of stablecoins that are equally popular among beginners and seasoned traders due to their simplicity and generally low volatility.
Chris Maurice, CEO and Co-Founder of Yellow Card, commented: “This moment is a testament to the relentless pursuit of innovation and financial inclusion that Yellow Card stands for.
“Launching PYUSD on our platform is not just a business achievement, it’s a commitment to our mission of making digital currencies accessible to everyone in Africa.
“Promoting financial inclusion, education and bridging the gap between traditional and digital financial systems in Africa is a fundamental component of our shared vision. This partnership will no doubt empower individuals and businesses across the continent, allowing them to participate in the global economy more effectively.”
PYUSD launched in the US back in August, being a fully-backed USD stablecoin with 100% of its reserves held in USD deposits, US treasuries and cash equivalents.