Yellow Card raises $40 million to link banks to stablecoin processing

Yellow Card said it raised $40 cardinal successful strategical equity backing to grow its stablecoin outgo infrastructure offering, betting that banks volition progressively usage blockchain exertion to determination dollars crossed borders.

The circular included SC Ventures, Standard Chartered’s task arm, Sony Innovation Fund, Polychain Capital and Blockchain Capital. It brings Yellow Card’s full equity financing to much than $120 cardinal astatine a valuation importantly higher than the $200 cardinal it rated successful 2022, but not yet $1 billion, 1 idiosyncratic adjacent to the substance told CoinDesk.

Neither Yellow Card CEO Chris Maurice nor the U.S.-based company's PR squad confirmed the valuation.

Maurice, who co-founded the firm, said the institution is moving with commercialized banks globally to usage stablecoins to bring much dollars into markets and regenerate bequest outgo systems.

“The precise adjacent aboriginal authorities for this manufacture is 1 wherever payments travel straight betwixt banks onchain, without B2B payments companies oregon different outgo work companies successful the travel astatine all,” Maurice said implicit Telegram.

Maurice, a erstwhile Pokémon paper seller, told CoinDesk in a 2024 podcast interview that helium and Justin Poiroux, the firm’s main exertion officer, founded Yellow Card to instrumentality connected large banks and Swift, the interbank work that processes implicit 53 cardinal unafraid messaging instructions a time for astir 11,500 fiscal institutions. Swift facilitates trillions of dollars successful planetary slope transactions and said past period it was testing its archetypal blockchain ledger.

Yellow Card, which focuses mostly connected emerging markets, volition usage the caller superior to grow Global USD Accounts, its dollar relationship merchandise for businesses, and adhd stablecoin and section outgo mechanisms successful Latin America and Asia-Pacific.

The accounts let businesses to clasp dollars, clasp and swap stablecoins, negociate treasury operations and cod oregon disburse section currencies done home outgo rails successful much than 50 countries, Yellow Card said.

Maurice said the company’s flows person historically been divided astir evenly betwixt corporates and ample fiscal institutions utilizing its treasury-management and payments infrastructure. Bank volumes are present increasing faster arsenic ample institutions follow the company’s system, helium said.

Yellow Card kicked disconnected its operations successful Africa, said Maurice, wherever it built operations crossed fragmented country-by-country regulatory jurisdictions. The steadfast said that since its founding successful 2016, it has facilitated much than $10 cardinal successful transactions and holds licenses, authorizations oregon registrations successful 22 jurisdictions.