Yellow.com and Openware will be merging to make a new global settlement network, the companies announced Monday (Dec. 6), with the combined company name being Yellow Group.
Per the release, the company plans to construct a financial information exchange network, which will be focused on developing a distributed liquidity network for exchanges and institutions that will be scaled to “billions” of transactions.
The release says Yellow Group has recently completed a global financial information exchange network, which puts together participants’ order books, and the umbrella brand will have over 120 employees around the world.
Openware will contribute its expertise in working with retail banks and will help to shed light on the blockchain industry through its open-source modular platform OpenDAX, which builds digital asset trading systems.
Meanwhile, Yellow.com is a crypto market maker which gives startup seed funding, advisory, data analytics and software solutions.
“Our merger allows us to increase our capacity and implement our common vision — a secure financial network powered by blockchain settlement,” said Openware CEO Louis Bellet, who is also taking the position of the CEO of Yellow Group. “The goal is to build together a global Web 3.0 network of financial exchange with shared liquidity.”
Yellow.com founder Alexis Sirkia, who will be the executive chairman of the new company, said Yellow and Openware “share a common vision, and our competence and technologies are complementary — one has market-making capabilities, and the other one is building financial exchange platforms.”
PYMNTS writes that the use of blockchain could have potential to solve many global financial woes, including the payments landscape in Africa.
The report says Africa has seen a huge uptick in crypto, growing over 1,200% in value received in the last year.
Interswitch, one of the leading African tech companies, has leaned into blockchain technology, with founder Mitchell Elegbe saying the transition isn’t new.
Elegbe said the company has partnered with Microsoft before to help develop blockchain supply chain solutions for smaller companies as far back as 2018.