TBD, part of Block, which is focused on creating open and decentralized technologies to connect the financial world, has announced that African fintech Chipper Cash has integrated with the tbDEX protocol to power cross-border payments and decentralized identity use cases for individuals and businesses on the African continent.
Details
Chipper Cash will also leverage tbDEX to unlock trusted, compliant transactions with verifiable credentials (VCs) and decentralized identifiers (DIDs) in order to accelerate the onboarding and identity verification of consumers and small businesses.
While the initial collaboration will focus on enabling faster and less expensive consumer remittances, the two companies will also explore ways to empower small businesses.
Why This Matters
As one of the largest fintechs in Africa, Chipper Cash already allows 5 million consumers to move money efficiently to over 21 African countries. With over 1.2 million cards issued, Chipper’s integration represents the onboarding of one of the largest virtual card issuers in Africa.
What They’re Saying
“Across Africa, the challenges of currency liquidity and access to global financial systems are palpable,” said Mike Brock, CEO of TBD.
“For these reasons, we are laser focused on building out the tbDEX ecosystem in Africa, which already includes Yellowcard, the largest and only licensed stablecoin on/off ramp on the African continent. Fast on the heels of our tbDEX SDK 1.0 release, adding Chipper Cash to our growing network will help to accelerate our work on global cross border payments and decentralized identity.”
“At Chipper Cash, we’re excited about the potential of tbDEX to revolutionize remittance flows into Africa,” said Maijid Moujaled, President and Co-Founder of Chipper Cash.
“Remittances are a lifeline for many African families, but the costs of sending money to the continent remain among the highest globally. By plugging into an open protocol like tbDEX with numerous network participants, we believe we can, collectively as an industry, drive down these high costs and facilitate remittances in a more efficient, transparent, and compliant manner.”
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