TBD Expands coverage in Africa, Adding Chipper Cash to Growing tbDEX Ecosystem
Leading African fintech becomes the latest contributor to the tbDEX ecosystem, unlocking future liquidity for B2C and B2B cross-border payments across 40 African countries; explores new use cases leveraging decentralized identity
TBD, part of Block, which is focused on building financial use cases for open and decentralized technologies, today announces that leading African fintech Chipper Cash is adopting TBDs open source SDKs which will allow them to integrate 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 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 participation represents collaboration with 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 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.”
Accelerating the path to financial inclusion for small businesses
While the initial collaboration will focus on enabling faster and less expensive consumer remittances through a global network of participants, 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 decentralized identity technology to unlock trusted, compliant transactions with verifiable credentials (VCs) and decentralized identifiers (DIDs) in order to streamline the onboarding and identity verification for 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 provides a common language for facilitating decentralized transactions. Using open source protocols and common standards, it provides participants with a universal language to negotiate financial transactions in a way that's more inclusive, efficient and compliant.
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.
Our ethos at TBD is based on the fundamental acknowledgement that transactions over a decentralized network still need to fit within existing regulatory frameworks, such as BSA compliance, KYC, OFAC, etc.. These tools need to exist for a decentralized protocol like tbDEX to scale, which is why decentralized identity technology is critical to the sufficient function of the protocol.
To learn more about the tbDEX protocol or to inquire about participating in the ecosystem, 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 Maijid Moujaled, 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.