Crypto exchange Coinbase has partnered with Yellow Card in Africa to broaden its services in an additional 20 countries across the continent. The focus of this collaboration is to improve access to the USD Coin (USDC) stablecoin.
Coinbase said in a January 11 statement, “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.”
The partnership entails the integration of Yellow Card’s payment infrastructure in Africa, enabling Coinbase customers to easily convert fiat to USD Coin on the Ethereum layer 2 roll-up Base.
This functionality will be available to African users through the Coinbase Wallet, which has recently introduced a feature allowing transfers through links on popular social media platforms such as iMessage, Telegram, WhatsApp, Facebook, and Instagram.
Yellow Card, operating in 20 countries such as Nigeria, South Africa, Botswana, Ghana, Kenya, and Tanzania, is seen as a strategic partner for Coinbase.
The collaboration aims to provide a more economically feasible method for transactions in regions with high inflation and significant reliance on remittances.
Coinbase emphasized the potential for economic opportunities in these markets, particularly given the youthful demographic in Africa, which is considered the youngest continent globally.
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