Coinbase Partners with Yellow Card to Boost Cryptocurrency Access in 20 African Countries
Summary:
Cryptocurrency exchange Coinbase is teaming up with Africa-based firm Yellow Card to extend their services to 20 additional African countries, focusing on increasing USDC stablecoin access. The collaboration allows users to convert fiat currency to Bitcoin (BTC) and USD Coin via the Ethereum layer 2 rollup Base. Coinbase Wallet's recent integration with social media platforms like iMessage, Telegram, WhatsApp, Facebook, and Instagram will make this feature available for African users. The partnership aims to offer a more economically preferable transaction option in regions with high inflation rates and heavy reliance on remittances.
Coinbase, a cryptocurrency exchange, is teaming up with African company Yellow Card to bring their products to an additional 20 African nations. The focus is on boosting the reach of the USDC stablecoin. Through this collaboration, millions of users will have access to USDC and benefit from inexpensive, efficient transactions via the open, decentralised L2 Base, utilizing both Coinbase and Yellow Card offerings. Cryptocurrency is here to stay and is instrumental in creating a transparent, global financial system. Now, residents across Africa will have access to Coinbase products, initially available in 20 selected nations.
Yellow Card's CEO, Chris Maurice, informed Cointelegraph that the collaboration involves Coinbase incorporating Yellow Card's payment channels in Africa, enabling customers to convert fiat money to Bitcoin (BTC) and USD Coin via Ethereum layer 2 rollup Base. This feature will be available in Africa through Coinbase Wallet, which recently added a feature allowing transfers via social media platforms like iMessage, Telegram, WhatsApp, Facebook, and Instagram. Apart from USDC, Maurice revealed that other cryptocurrencies and stablecoins supported by Coinbase are set to be integrated. Yellow Card currently operates in 20 countries, including Nigeria, South Africa, Botswana, Ghana, Kenya, and Tanzania.
Coinbase acknowledged that many of these countries rely heavily on remittances and have high inflation rates, and anticipates that its partnership with Yellow Card will provide an economically preferable option for transactions in these regions. Coinbase further stated that many of these markets need economic opportunities for their youth populace, as Africa is the youngest continent in the world.
Maurice expresses optimism that this collaboration will facilitate easier commerce for Africans all over the continent. He emphasized the practical solutions stablecoins like USDC provide for individuals and businesses across Africa.
Maurice previously identified the main use cases for cryptocurrency in Africa as making international payments, transferring money to loved ones, and protecting savings against inflation. He highlighted that cryptocurrency provides concrete solutions to the continent's banking and currency problems and is more than just a speculative asset like it sometimes is in the West.
According to BitcoinAfrica.io, South Africa, Nigeria, Zimbabwe, Kenya, and Ghana are leading the pack in Bitcoin adoption in Africa. Although the Central African Republic was the first African nation to legalize Bitcoin as a currency, this was short-lived as the state implemented its crypto token initiative, Sango Coin, soon after passing the Bitcoin law.
Published At
1/12/2024 7:28:24 AM
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