Skip to main content

Coinbase Partners With Yellow Card to Expand Access to Its Products in 20 African Countries

The leading crypto exchange Coinbase has said it will expand access to its products to 20 African countries. Coinbase also claimed that its partnership arrangement with the Africa-focused crypto exchange Yellow Card can help increase financial freedom in countries where it is lacking.

Increasing Financial Freedom

On Jan. 11, 2024, Coinbase, the U.S. cryptocurrency exchange, announced that it will expand access to its products to 20 African countries. According to a statement by Coinbase, users from the selected African countries will be able to “purchase USDC directly in our [Coinbase] Wallet app starting in February” through its partnership with the Africa-focused stablecoin platform Yellow Card.

As part of the arrangement, Yellow Card users will be able to acquire the stablecoin USDC on the Ethereum layer two (L2) chain Base. Coinbase claims that this arrangement will benefit African users, some of whom reside in inflation-hit countries, by providing them with cheaper payments and faster transfers.

Coinbase also claimed that its partnership arrangement with Yellow Card can help increase financial freedom in countries where it is lacking.

“This partnership with its emphasis on USDC will increase economic freedom in places that have lacked it, and help stand up a modern financial system where one hasn’t existed,” the crypto exchange said.

According to Coinbase, the partnership arrangement can help enhance African users’ economic freedom by making it possible for them to send remittances at fees not exceeding 2%. Currently, many Africans remitting funds to their loved ones pay fees ranging between 3% and 6%. In addition, by providing access to the USDC, the partnership will effectively connect African small and medium enterprises (SMEs) to the global financial system.

Meanwhile, Coinbase described its partnership with Yellow Card as one of its “Go Broad, Go Deep” strategies of compliant international expansion. Besides easing Coinbase’s entry into the so-called low economic freedom markets, the strategy also complements its “close engagement with local payments regulators in more mature markets.”

Register your email here to get a weekly update on African news sent to your inbox:

What is your take on Coinbase’s foray into Africa? Let us know what you think in the comments section below.



from Bitcoin News https://ift.tt/DelZ42d
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...
Post a Comment
Read more

DefiDollar Listing on AscendEX

PRESS RELEASE. AscendEX, formerly BitMax, an industry-leading digital asset trading platform built by Wall Street quant trading veterans, has announced the listing of the DefiDollar Token (DFD) under the pair USDT/DFD on Apr 29 at 1:00 p.m. UTC. DefiDollar is a DeFi lab that aims to bring mass adoption to DeFi with a wide-ranging product suite. The first product offering to go live will be the stablecoin index – DUSD, with ibBTC and optionCoin currently in development. DefiDollar (DUSD) aspires to be a risk-insured stablecoin layer for DeFi. It is designed to provide a safe and stable way for users to hold their assets with DUSD being optimized for peg safety, yield, and diversification. DefiDollar uses DeFi primitives to stay close to the dollar mark. DUSD provides an avenue for diversifying stablecoin holdings to hedge against an event where the underlying stablecoins like Tether or DAI deviate from their peg. DUSD is collateralized by Curve Finance LP tokens. DFD is the n...
Post a Comment
Read more