Cryptocurrency exchange Coinbase has partnered with Africa's Yellow Card to expand access to its products to 20 new African countries — with a focus on increasing USD Coin (USDC) stablecoin access.
“Our new partnership [...] will help usher in the future of money by giving millions of users access to USDC and fast, reliable, cheaper transactions on our decentralized, open L2 Base through both Coinbase and Yellow Card products,” Coinbase said in a Jan. 11 statement.
Crypto is here to stay — helping drive a more open, accessible, and global financial system.
— Coinbase ️ (@coinbase) January 11, 2024
Coinbase products will now be available in Africa, starting with 20 countries across the continent. Learn more about our partnership with @yellowcard_app: https://t.co/IsZueHmbOU pic.twitter.com/Y0oZOwwdxr
Yellow Card CEO Chris Maurice told Cointelegraph that the partnership involves Coinbase integrating Yellow Card’s payment rails in Africa so that its customers can on and off-ramp fiat to Bitcoin (BTC) and USD Coin on Ethereum layer 2 rollup Base.
This will be accessible to African users via Coinbase Wallet, which recently implemented a new feature where transfers can be made via links from social media platforms like iMessage, Telegram, WhatsApp, Facebook, and Instagram.
In addition to USDC, Maurice said other cryptocurrencies and stablecoins supported by Coinbase will be integrated.
Yellow Card’s website lists 20 countries it operates in — including Nigeria, South Africa, Botswana, Ghana, Kenya, and Tanzania.
Coinbase noted many of these countries are high-inflation and remittance-dependent and is hopeful the partnership with Yellow Card will offer a more economically viable way to transact in the region.
“Many of these markets also are in need of economic opportunity for populations that skew younger than average,” Coinbase added, noting that Africa is “by far” the youngest continent.
Related: Africa: The next hub for Bitcoin, crypto adoption and venture capital?
Maurice is confident the partnership will make commerce easier for many Africans across the continent.
“Stablecoins like USDC solve real problems for real people & businesses on the continent,” Maurice stressed in a Jan. 11 statement.
Beyond excited to bring @coinbase to Africa!
— Chris Maurice⚜️ (@chrismaurice) January 11, 2024
Stablecoins like USDC solve real problems for real people & businesses on the continent.
With @yellowcard_app's regional expertise and Coinbase’s global brand and infrastructure, we will empower the next one billion people. https://t.co/9DOgZ4TKMr
Maurice previously told Cointelegraph the most common use cases in Africa are making international payments, sending money to friends and family and “saving money against inflation.”
“Crypto solves real-world problems with banking and currencies on the continent, and it isn’t the casino that it can feel like sometimes in the West.”
South Africa, Nigeria, Zimbabwe, Kenya and Ghana are the top five African countries adopting Bitcoin, according to BitcoinAfrica.io.
The Central African Republic notably became the first African country to adopt Bitcoin as legal tender. However, this was short lived as the government began its crypto token project, Sango Coin, days after the Bitcoin law was enacted.
Magazine: Bitcoin in Senegal: Why is this African country using BTC?