Cryptocurrency exchange Coinbase has teamed up with Africa’s Yellow Card, enabling users in 20 new African countries to easily transition between fiat and crypto, emphasizing USD Coin (USDC) accessibility. The partnership integrates Yellow Card’s payment infrastructure, facilitating on/off-ramps for Coinbase customers.
Coinbase, in a statement on Jan. 11, expressed optimism about collaboration, emphasizing the potential for millions to benefit from USDC access and efficient transactions. This would occur on the decentralized L2 Base through Coinbase and Yellow Card platforms.
Crypto is here to stay — helping drive a more open, accessible, and global financial system.
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
— Coinbase 🛡️📞 (@coinbase) January 11, 2024
Yellow Card CEO Chris Maurice explained the integration of payment rails in Africa. This integration allows customers to seamlessly convert fiat to Bitcoin and USD Coin on Ethereum’s layer 2 rollup Base. Coinbase Wallet, with its enhanced transfer features via links on social media, will serve as the gateway for African users.
Moreover, beyond USDC, Maurice affirmed the integration of other cryptocurrencies and stablecoins supported by Coinbase. Yellow Card currently operates in 20 countries, including Nigeria, South Africa, Botswana, Ghana, Kenya, and Tanzania.
Recognizing the economic challenges in high inflation and remittance-dependent African markets, Coinbase hopes the partnership will provide a more economically viable transaction method. The continent’s youth-dominated demographics also present an opportunity for economic empowerment, according to Coinbase.
Furthermore, Yellow Card’s CEO, Chris Maurice, expressed confidence that the partnership will simplify commerce for Africans. Maurice stressed the vital role of stablecoins like USDC in solving financial problems for people and businesses in the continent.
Beyond excited to bring @coinbase to Africa! 🎉🌍
Stablecoins like USDC solve real problems for real people & businesses on the continent.
— Chris Maurice⚜️ (@chrismaurice) January 11, 2024
African Crypto Adoption Top Countries
Identifying common use cases in Africa, Maurice cited international payments, money transfers to friends and family, and safeguarding against inflation as prevalent scenarios. He stressed that cryptocurrencies address tangible issues with banking and currencies, distinguishing them from the speculative nature often associated with Western perceptions.
Furthermore, South Africa, Nigeria, Zimbabwe, Kenya, and Ghana notably emerge as the top five African countries embracing Bitcoin, according to BitcoinAfrica.io. The Central African Republic initially accepted Bitcoin but later switched to the Sango Coin project.
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