As the future for crypto continues to glow in sub-Saharan Africa, critical industrial players have demonstrated their growing interest in expanding to the region. Coinbase, the largest crypto exchange in the US by daily trading volume, has revealed a plan to partner with Yellow Card to offer a wide range of African digital products.
In a January 11 report, the Coinbase team confirmed that the expansion to Africa aims to improve the accessibility of financial products in the region. The Coinbase team believes that the crypto exchange will navigate the African market smoothly through the partnership with the Yellow Card.
Yellow Card Partners with Coinbase
The report indicated that Coinbase anticipates providing its crypto services to around 20 African countries. Beyond this, the California-based crypto exchange plans to improve the accessibility of USD Coin (USDC) to the crypto-zealous African nationalities.
In the report, the crypto exchange underlined that millions of Africans could not access the USDC stablecoin due to limited supply in the market. This forced the Coinbase team to collaborate with the Yellow Card to ensure the USDC is readily available in the market.
With the volatile nature of the Nigerian Naira, the two partners seek to offer African investors a convenient business method. Compared to the other cryptocurrencies, the USDC provides the customer with a cost-effective, fast, and reliable method to complete transactions.
The crypto exchange anticipates that through the partnership with the Yellow Card group, the popularity of Coinbase layer 2 network Base will grow in the African region.
Benefits of Coinbase and Yellow Card Partnership
In an exclusive interview with the chief executive of Yellow Card, Chris Maurice confirmed that the partnership allows the Coinbase team to integrate its proprietary products into its payment platform.
This will enable the African users to seamlessly access the crypto on and off-ramp services through the Coinbase Base platform. Additionally, the CEO confessed that the collaboration will allow Africa to access unique crypto products through the Coinbase Wallet.
He anticipates that the users will enjoy the services offered by Coinbase, including the recently launched crypto transfer feature that can be accessed through social media links. The primary objective of establishing the Coinbase crypto transfer is to allow the user to transfer funds to any platform and share the links to recipients through WhatsApp, Instagram, and other social media platforms.
The CEO anticipates Yellow Card, and Coinbase will integrate additional crypto assets on their platforms. The proposed integration of other stablecoins and crypto assets aims to meet Africa’s growing demand for digital assets.
The Yellow Card platform currently offers crypto-related services in over 20 African states, including Kenya, Tanzania, South Africa, and Botswana. The expansion to Yellow Cards services outside Nigeria aims to support African countries to hedge inflation through crypto assets.
Africa Witnesses Biting Inflation
A recent study demonstrated that most African countries’ inflation rate has doubled. The biting inflation rate has been linked to the regulatory uncertainties for financial products in Africa.
The high inflation rate forced the Coinbase team to seek a strategic partnership with Yellow Card to provide Africans with an effective method to complete transactions.
Besides the acute inflation bites, the Coinbase team noted that most African countries lack economic opportunities from crypto assets. The Coinbase and Yellow Card team plans to boost the African commerce industry through crypto assets.
With the partnership, the officials anticipate that USDC will enable individuals and businesses to address life problems using crypto assets. Remarkably, the collaboration between the two came when industry players in Nigeria envisaged a crypto boom in Africa.
They noted that the Africans have shifted to the crypto sector for the past few months to curb the growing inflation rate. Unlike in the past, the key players noted that the crypto use case has gradually increased in Africa. This implies that lately, the Africans have been making international transactions to curb the biting inflation.
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