Tether Announced Partnership With Yellow Card

Yellow Card and Tether have joined forces to promote cryptocurrency education and acceptance among young people in Africa. This collaboration involves organizing financial literacy tours at universities and implementing a promotional campaign where Yellow Card’s brand ambassadors engage with individuals in the major cities of the countries involved.

Tether Announced Partnership With Yellow Card

Yellow Card, a prominent fintech and cryptocurrency exchange operating in Africa, and Tether, the largest provider of stablecoins globally, are delighted to announce the successful accomplishment of Phase 1 of their strategic collaboration aimed at promoting cryptocurrency adoption in three major markets.

Over a span of two months, the primary objective was to raise awareness, educate, and encourage the utilization of USDT, Tether’s stablecoin, among students and young professionals in Nigeria, Kenya, and Ghana.

The collaboration reached more than 10,000 young individuals, including students from six universities who actively participated in the Financial Literacy Tour events. Notable institutions such as the University of Nairobi in Kenya, the University of Benin in Nigeria, and Kwame Nkrumah University of Science and Technology in Ghana were among the venues for these events.

Participants in these events acquired a deeper comprehension of stablecoin mechanisms, blockchain technology, and the significance of making responsible financial decisions.

They also each received their first USDT on the Yellow Card platform. Indeed, Peter Mureu, marketing director of Yellow Card, had the following to say about this: 

Our collaboration with Tether has provided us with a remarkable opportunity to witness the profound impact that financial education has on the youth.

This collaboration aligns seamlessly with our overarching mission to promote financial freedom for all, which encompasses our other initiatives like the Financial Literacy Tour and the YC Academy. As crypto adoption grows in Africa so does the need for financial education.

The available data clearly demonstrates that crypto adoption in Africa witnessed an astonishing surge of 1,200% between 2021 and 2022, emphasizing the urgent need for comprehensive education on this subject.

Despite the potential of cryptocurrencies to play a crucial role in the future, many companies and individuals still harbor apprehensions about embracing this emerging form of currency.

This hesitance can be attributed to a widespread lack of awareness and understanding surrounding cryptocurrencies and blockchain technology. The collaborative efforts of Yellow Card and Tether aim to address this knowledge gap and assume a pivotal role in this endeavor.

Stablecoins, such as USDT, encounter unique challenges within the African context, but also present practical solutions.

Considering the substantial remittances received by African countries from their diaspora populations working abroad, Tether offers a convenient and cost-effective method for cross-border payments. This helps reduce dependence on traditional channels characterized by high fees and delays.

Furthermore, USDT enables gig economy workers to receive instantaneous and secure payments across borders, bypassing intermediaries like banks or payment processors.

Paolo Ardoino, CTO of Tether, said in this regard: 

We recognize Africa as a pivotal player in the cryptocurrency and stablecoin market. 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 the unique challenges faced by African communities 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.

Tether, the issuer of the stablecoin, has made significant crypto news as it recently announced that Tether’s USDT market capitalization has exceeded the previous all-time high of $83.2 billion on 1 June.

As per data from DeFillama, approximately half of USDT’s circulating supply, amounting to $42.86 billion, resides on the Tron blockchain, while $33.37 billion is on the Ethereum blockchain.

Moreover, Tether’s stablecoin has established a noteworthy presence on various other blockchain networks, including Binance Smart Chain, Polygon, Solana, Avalanche, among others.

Lastly, Tether’s transparency data for 1 June reveals a total asset value of $85.6 billion, liabilities of $83.2 billion, and a cash reserve of $2.4 billion.

To access more collaboration news: cryptodataspace.com