Coinbase Partners With Yellow Card to Expand Access to Its Products in 20 African Countries

The main crypto trade Coinbase has stated it would broaden entry to its merchandise to twenty African nations. Coinbase additionally claimed that its partnership association with the Africa-focused crypto trade Yellow Card can assist improve monetary freedom in nations the place it’s missing.

Increasing Financial Freedom

On Jan. 11, 2024, Coinbase, the U.S. cryptocurrency trade, introduced that it’s going to broaden entry to its merchandise to twenty African nations. According to a statement by Coinbase, customers from the chosen African nations will be capable to “purchase USDC directly in our [Coinbase] Wallet app starting in February” via its partnership with the Africa-focused stablecoin platform Yellow Card.

As a part of the association, Yellow Card customers will be capable to purchase the stablecoin USDC on the Ethereum layer two (L2) chain Base. Coinbase claims that this association will profit African customers, a few of whom reside in inflation-hit nations, by offering them with cheaper funds and sooner transfers.

Coinbase additionally claimed that its partnership association with Yellow Card can assist improve monetary freedom in nations the place it’s missing.

“This partnership with its emphasis on USDC will increase economic freedom in places that have lacked it, and help stand up a modern financial system where one hasn’t existed,” the crypto trade stated.

According to Coinbase, the partnership association can assist improve African customers’ financial freedom by making it potential for them to ship remittances at charges not exceeding 2%. Currently, many Africans remitting funds to their family members pay charges ranging between 3% and 6%. In addition, by offering entry to the USDC, the partnership will successfully join African small and medium enterprises (SMEs) to the worldwide monetary system.

Meanwhile, Coinbase described its partnership with Yellow Card as one among its “Go Broad, Go Deep” methods of compliant worldwide growth. Besides easing Coinbase’s entry into the so-called low financial freedom markets, the technique additionally enhances its “close engagement with local payments regulators in more mature markets.”

Register your e mail right here to get a weekly replace on African information despatched to your inbox:

What is your tackle Coinbase’s foray into Africa? Let us know what you assume within the feedback part under.