Crypto Collaboration: Coinbase & Yellow Card Unite To Broaden USDC Reach In The African Continent

Coinbase, the cryptocurrency exchange, has forged a strategic alliance with Africa’s Yellow Card, aiming to broaden the reach of its offerings across 20 African nations. The primary emphasis of this collaboration is to enhance accessibility to the USD Coin stablecoin in the region.

“In our latest collaboration, we aim to pave the way for the future of currency, granting millions of users seamless access to USDC. This will facilitate swift, dependable, and cost-effective transactions across our decentralized, open L2 Base, accessible through both Coinbase and Yellow Card products,” stated Coinbase on Jan 11.

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’s CEO, Chris Maurice, disclosed that the collaboration entails the integration of Yellow Card’s payment infrastructure by Coinbase in Africa. This integration will enable customers to seamlessly convert fiat to Bitcoin and USDC on the Ethereum layer-2 rollup Base.

African users will gain access to this functionality through the Coinbase Wallet, which has recently introduced a novel feature facilitating transfers via links on popular social media platforms such as iMessage, Telegram, WhatsApp, Facebook, and Instagram.

Besides incorporating USDC, Maurice mentioned the integration of various cryptocurrencies and stablecoins supported by Coinbase.

Yellow Card operates in 20 countries, as indicated on its website, including Nigeria, South Africa, Botswana, Ghana, Kenya, and Tanzania.

Coinbase emphasized that several countries experience high inflation rates and depend heavily on remittances. The partnership with Yellow Card is anticipated to provide a more economically sustainable method for regional transactions.

Coinbase Envisions Economic Boom In Africa’s Youthful Markets

Coinbase also highlighted the economic potential for younger populations in these markets, stating that Africa is the youngest continent by a significant margin.

Maurice agrees that the collaboration will streamline commercial transactions for numerous individuals across Africa.

In a statement on Jan 11, Maurice emphasized the tangible solutions that stablecoins such as USDC provide for individuals and businesses on the continent.

Beyond excited to bring @coinbase to Africa! 🎉🌍

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
— Chris Maurice⚜️ (@chrismaurice) January 11, 2024

“Cryptocurrency addresses tangible challenges in banking and currency systems across the African continent, offering a practical solution distinct from the occasional perception of a speculative environment prevalent in the Western world.”

BitcoinAfrica.io reports that South Africa, Nigeria, Zimbabwe, Kenya, and Ghana stand out as the leading African nations embracing Bitcoin.

Remarkably, the Central African Republic initially marked a historic moment by becoming the first African country to recognize Bitcoin as legal tender. However, this milestone was brief, as the government swiftly initiated its cryptocurrency token endeavor, Sango Coin, mere days after enacting the Bitcoin legislation.

The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.