Mambo 👋, Welcome to the first Stablekoin Weekly, written from inside.
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The Story
Flutterwave launched stablecoin cards and a bank.
Flutterwave launched stablecoin-powered cards through a partnership with Kulipa. Flutterwave’s CEO said publicly they are building Africa’s biggest stablecoin platform.
The same week, Flutterwave received a banking license which gives them margin control it never had as a payment processor. It also answers the question of why they acquired Mono, the open banking platform backed by Y-Combinator.
Deals
Launches
South African Fintech LipaWorld launched a stablecoin-powered payment card.
Regulation
Nigeria’s Central Bank launched virtual asset Anti-Money Laundering supervision and named Paystack and Flutterwave as pilot partners.
Kenya planned to fine crypto startups up to $23K for breaking advertising rules.
Madini
BitGo’s Nick Coombs told TechCabal that everyone is reading Africa’s crypto market wrong.
On the record
$57 million. 10 years. 1 million users. 20 countries.
Yellow Card built one of Africa’s biggest crypto exchanges for everyday users. Then raised $33 million in a single year, not to serve more of them, but to stop serving them altogether.
The focus is now businesses. Stablecoins are B2B first.
Written from inside Africa with love 🇹🇿💚