Coinbase partners with Yellow Card to boost its business in Africa

The leading cryptocurrency exchange, Coinbase, has formalized a strategic partnership with the African company Yellow Card, with the aim of expanding its services to 20 countries on the continent. The partnership, focused on expanding access to the stablecoin USD Coin (USDC), promises to drive a faster, more reliable and more affordable financial future.

In a statement issued on January 11, Coinbase expressed its enthusiasm for the new alliance, noting that it will mark the beginning of the future of money by providing millions of users with access to USDC and efficient transactions on its decentralized L2 base. Coinbase and Yellow Card products will be key to this initiative.

Yellow Card CEO Chris Maurice told Cointelegraph that the partnership involves the integration of Yellow Card payment rails in Africa. This will allow clients to access Bitcoin and USDC on Ethereum’s Layer 2 rollup, Base.

Coinbase’s products will be available across the African continent, starting with 20 countries, including Nigeria, South Africa, Botswana, Ghana, Kenya and Tanzania, according to Yellow Card’s list of operations.

Coinbase underscored the importance of this expansion, noting that many of these countries face high inflation rates and rely heavily on remittances. The partnership with Yellow Card is presented as an economically viable alternative for conducting transactions in the region.

In addition to USDC, the integration of other cryptocurrencies and stablecoins compatible with Coinbase is anticipated. African users will be able to take advantage of this offer through Coinbase Wallet, which recently implemented the ability to make transfers via links on various social media platforms, such as iMessage, Telegram, WhatsApp, Facebook and Instagram.

Chris Maurice expressed confidence that this partnership will facilitate trade for many Africans across the continent, emphasizing that stablecoins, such as USDC, address real issues for people and businesses on the African continent. The partnership promises to make a significant contribution to the openness, accessibility and globalization of the financial system in Africa.

K. Tovar

Source: Cointelegraph

(Reference image source: rc.xyz NFT gallery, Unsplash)

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