TBD, a subsidiary of Block, owned by Jack Dorsey, has formed a partnership with Chipper Cash, an Africa-focused fintech company. This partnership aims to expedite consumer remittances and make them more affordable. According to a statement, Chipper Cash plans to use the decentralized exchange protocol of TBD. This will enable trusted transactions that comply with regulations, using verifiable credentials and decentralized identifiers.
Block Subsidiary, TBD, Partners With Chipper Cash for Quicker, More Affordable Remittances
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Enhancing Efficiency of Cross-Border Transactions
TBD, a subsidiary of Jack Dorsey’s Block, has formed a partnership with Nigerian fintech leader Chipper Cash to streamline B2C and B2B cross-border payments across 40 African nations. As part of this partnership arrangement, Chipper Cash will integrate with TBD’s decentralized exchange ( DEX) protocol to enhance the efficiency of cross-border transactions.
In a statement, TBD disclosed that its initial focus would be on facilitating quicker and more affordable consumer remittances. However, over time, the partnership will also strive to empower small businesses. Mike Brock, CEO of TBD, was quoted in the statement, explaining why his company is focusing on Africa.
“Across Africa, the challenges of currency liquidity and access to global financial systems are palpable. 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,” Brock said.
TBD’s Protocol Aims to ‘Revolutionize Remittance Flows to Africa’
The CEO stated that the inclusion of Chipper Cash, which currently operates in 21 African countries, will expedite TBD’s efforts on global cross-border payments and decentralized identity.
Maijid Moujaled, president and co-founder of Chipper Cash, underscored the potential of the TBD decentralized exchange protocol as a tool that could “revolutionize remittance flows into Africa.” Moujaled further contended that the protocol could effectively reduce the cost of remitting funds across borders in a more efficient, transparent, and compliant manner.
The statement also noted that Chipper Cash plans to utilize tbDEX to facilitate trusted, compliant transactions with verifiable credentials (VCs) and decentralized identifiers (DIDs). This strategy aims to “accelerate the onboarding and identity verification of consumers and small businesses,” the statement added.
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