Sponsored: Why you should choose Yellow Card for bitcoin trading in Kenya


Sponsored: Why you should choose Yellow Card for bitcoin trading in Kenya
Yellow Card Director of Operations, Oparinde Babatunde at a past training event on cryptocurrency. PHOTO| COURTESY

If you’ve considered trading cryptocurrency in Kenya, there’s a high likelihood that you’ve mostly encountered peer-to-peer (P2P) cryptocurrency trading sites.

Essentially, these platforms serve as little more than digital iterations of marketplaces where users looking to buy crypto meet those looking to sell and vice versa.

In an ideal, utopian world, it would all be that simple.

Peer To Peer Bitcoin Trading: A Double-Edged Sword

But, the reality is starkly different. There’s a huge risk of falling prey to fraudulent scams and losing money to unscrupulous, unregistered individuals and entities trading cryptocurrency on a peer to peer basis.

Globally, more than Ksh 400,000,000,000 (US $4 billion) was lost to cryptocurrency scams in 2019. To bring the issue closer home, in Uganda for instance, criminal investigation estimates indicate that the country lost about Ksh 100,000,000,000 (US $1 billion) between 2018 and 2019.

Security, Trust & Cryptocurrency Adoption

With such a precarious state of affairs, trust becomes more than a matter of importance – it is the very lifeline for the successful adoption of cryptocurrency trading in Kenya and beyond.

Yellow Card, an Africa-focused cryptocurrency startup, understands this and is looking to turn around the way in which Africans use and benefit from everything bitcoin and other cryptocurrencies have to offer.

A great part of this can be attributed to Yellow Card CEO Chris Maurice’s own experience.

Years ago, he made what he believed to be a smart financial move at the time when he used up his life savings to buy bitcoin. Unfortunately, he was using a peer-to-peer bitcoin marketplace. He lost several thousand dollars and learned a rather expensive lesson.

It isn’t surprising that he has a vision for a safer digital landscape where people gain rather than lose. This vision has permeated into Yellow Card’s ethos. 

Rather than operating on a peer-to-peer basis, Yellow Card uses a business to consumer (B2C) model. This significantly boosts safety and reduces risk when trading bitcoin and other cryptocurrencies by doing away with fraudulent intermediaries that plague P2P crypto trading.

In doing so, Yellow Card has achieved tremendous success. Since it was founded in 2016, the company has processed over $200 million in cryptocurrency transactions. 

Cryptocurrency & Financial Inclusion

Yellow Card’s success has been particularly impactful in Nigeria, where it has become a currency exchange platform of choice for many, especially those who receive remittances from abroad. 

 

Restrictive forex policies by the country’s Central Bank coupled with the Naira’s volatility and high foreign exchange rates by banks have made crypto exchange far more preferable as it is more cost-effective. 

Thanks to its low fees, mobile accessibility and ease of use, Yellow Card has managed to boost financial inclusivity. This, in turn, has a positive effect on the economy according to the World Economic Forum

 

With its expansion into the country following the launch of Yellow Card Kenya, the company aims to advance security and financial inclusivity here as well. 

One more reason to consider Yellow Card for bitcoin trading in Kenya is its focus on empowerment through financial literacy. Its innovative Yellow Card Academy serves as a way to inform and educate, therefore building financial literacy and enabling people to make more informed decisions regarding their money.

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