NewsletterJack Dorsey’s Payment Platform Eyes African Markets With Chipper Cash
Highlights
- TBD, a subsidiary of Square has partnered with Chipper Cash.
- Both firms will roll out cross-border payments to multiple countries.
- This comes as users turn towards Bitcoin and other digital assets.
Jack Dorsey’s backed digital payment firm TBD has announced a partnership with Chipper Cash, to boost cross-border trades in Africa. In a recent announcement, the company sought to grow its presence in the continent to 40 countries.
TBD is a subsidiary of Block, a company co-founded by former Twitter CEO Jack Dorsey. The firm’s new partnership with Chipper Cash, a leading payment firm in Africa will help unlock new markets for the company amid competition.
A Move Towards Digital Assets With TBD
In a recent interview in Ghana, Mike Brock, the CEO of TBD stressed the need to grow its network of countries, Bloomberg reported. A notable feature of TBD that stands out from competitors is its access to digital assets. Customers can leverage the platform to transfer cryptocurrencies directly to the recipient wallet or convert them to local currency.
Alternatively, recipients can hold the direct value in Bitcoin (BTC), stablecoin, or dollars. According to Brock, the template bridges the gap between traditional and newer methods of payment.
“One of our main goals on the continent is to encourage engagement in that ecosystem – developers, fintechs, startups, banks, institutions can use these technologies today.”
A Shift To Digital Assets
The adoption of blockchain technology in many markets has led to users increasing crypto asset volumes unlocking faster cross-border payments. African markets have seen an influx of crypto and digital payment firms in the last two years with companies looking to grow their market share among young investors.
Chipper Cash which is based in San Francisco has onboarded over 5 million customers to move funds in 21 African countries. TBD allowing payments in digital assets appeals to young people in the continent as inflation surges in some countries.
Bitcoin is tipped as a hedge against inflation and a store of value and recently, a growing number of people are moving to the asset against local fiat.
Also Read: Standard Chartered and Mastercard Complete First Tokenized Deposit Test
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