TBD, part of Block, which is focused on creating open and decentralized technologies to connect the financial world, today announces that leading 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.
“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.”
Chipper Cash extends the power of tbDEX across Africa
As one of the largest fintechs in Africa, Chipper Cash already allows 5 million
consumers to move money efficiently to over 21 African countries. And
with over 1.2 million cards issued, Chipper’s integration represents the
onboarding of one of the largest virtual card issuers in Africa.
“At Chipper Cash, we're excited about the potential of tbDEX to revolutionize
remittance flows into Africa,” said MaijidMoujaled, 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.”
Accelerating the path to financial inclusion for 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. Chipper’s offerings for businesses already
enable local and cross-border digital payments for underbanked SMEs across 40
different African countries, powering disbursements and collections from bank
accounts, mobile money wallets and Chipper wallets.
Leveraging verifiable credentials and decentralized identifiers to enable trust
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.
“Chipper is also excited to collaborate with TBD on the trust frameworks and
innovative credential designs that underpin every financial transaction on
tbDEX,” Moujaled said. “The idea that we can have a standardized and
streamlined way to verify our identity on the internet can help make the world
feel a bit more inclusive.”
About tbDEX
tbDEX is an open messaging protocol that connects liquidity seekers with
providers and equips all participants with a common language for facilitating
transactions. Using open source protocols and common standards, it provides
developers, enterprises, entrepreneurs, and governments with a universal
language to facilitate transactions in a way that's more inclusive, efficient
and trustworthy.
Core to tbDEX’s innovation is the creation of a trust protocol for the exchange
of value. This makes bitcoin, stablecoins, other digital assets - and even
traditional fiat - more useful by creating a standardized way to establish
trust and transact through an internet-native value exchange protocol.
tbDEX is architected on Web5 infrastructure, utilizing decentralized
technologies such as Decentralized Identifiers (DIDs) and Verifiable
Credentials (VCs) to securely validate counterparty identity and trust, as well
as helping to enable compliance with relevant laws and regulations across
global jurisdictions.
To learn more or join the network, visit tbdex.io.
About TBD
As one of four businesses at Block (fka Square), TBD is focused on creating
open and decentralized technologies to connect the financial world. Guided by
this vision, TBD is building an open-source developer platform and
infrastructure that enables everyone to access and participate in the global
economy.
About Chipper Cash
Chipper Cash is a financial technology company serving more than five million
customers across the African continent. In 2018, Chipper Cash revolutionized
moving money in Africa by providing a frictionless way to send and receive
money cross-border. Since then, Chipper has increased its product suite by
offering personal investments and digital business transactions and expanded
its reach into the US. Led by co-founders Ham Serunjogi and MaijidMoujaled,
Chipper Cash is focused on its mission to provide the most trusted and
accessible financial services for people living in Africa and beyond.
www.chippercash.com.
Source:
Peacefmonline.com