• Sunday, May 26, 2024
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BusinessDay

Jack Dorsey’s Block expands to Africa with Chipper Cash

Chipper Cash completes fourth round of job cuts in 2023

TBD has said that it would integrate ChipperCash, with its tbDEX protocol to power cross-border payments and decentralised identity use cases for individuals and businesses on the African continent.

The firm, a subsidiary of Jack Dorsey’s Block, noted that the challenges of currency liquidity and access to global financial systems on the continent are enormous.

“We are laser-focused on building out the tbDEX ecosystem in Africa and adding Chipper Cash to our growing network will help to accelerate our work on global cross-border payments and decentralised identity,” said Mike Brock, chief executive officer of TBD.

TBD is a firm focused on creating open and decentralised technologies to connect the financial world and Chipper Cash allows five million consumers to move money across over 21 African countries.

“At Chipper Cash, we’re excited about the potential of tbDEX to revolutionise remittance flows into Africa,” said Maijid Moujaled, president and co-founder of ChipperCash.

The alliance also aims to reduce the cost of remittances on the continent. The firms highlighted that the partnership would explore ways to empower small businesses while deepening financial inclusion.