Expanding USDC Access In Africa
The US leading crypto exchange, Coinbase, has announced a strategic partnership with Yellow Card, an African digital fintech company, to expand its services to twenty African countries. The primary aim of this collaboration is to promote the availability of USD Coin (USDC) stablecoin across the continent.
Coinbase expressed optimism about the cooperation when it issued an official statement. The statement also emphasized the partnership’s significant role in shaping the future of financial transactions.
According to the US-based platform, millions of African-based users will benefit from easy access to USDC by combining the capabilities of Coinbase and Yellow Card products. Thus, transactions will be more efficient, dependable, and cost-effective. In addition, the transactions will be via the Coinbase decentralized and open L2 Base.
Chris Maurice, Yellow Card’s CEO, highlighted the details of the collaboration, highlighting Coinbase’s integration of Yellow Card’s payment infrastructure in Africa. This integration on the Ethereum layer-2 roll-up base empowers customers by allowing for rapid on-and off-ramps of fiat currency to Bitcoin (BTC) and USDC.
Accessing USDC Via Coinbase Wallet
Meanwhile, this collaboration included a breakthrough feature that allows transfers via links on popular social media platforms, including Facebook, Telegram, WhatsApp, and Instagram. Beyond the original focus on USDC, the Yellow Card CEO indicates a move to integrate additional cryptocurrencies and stablecoins supported by Coinbase.
According to its website, this broader integration intends to meet the different demands of consumers in the 20 nations served by Yellow Card, which include South Africa, Nigeria, Botswana, Kenya, Ghana, and Tanzania. Coinbase noted that several African countries have high inflation rates and rely heavily on remittances. The collaboration with Yellow Card provides a more economically viable way of conducting regional transactions.
Furthermore, Coinbase emphasized the importance of meeting the economic requirements of the younger people, its target audience in these marketplaces. By noting that Africa is the continent with the most youthful population, Coinbase expressed confidence that this collaboration will not only improve financial accessibility but also develop economic prospects for the youth in these high-potential regions.
Providing Seamless Stablecoin Transactions In Africa
Furthermore, Maurice believes that the relationship between Coinbase and Yellow Card will greatly simplify commercial transactions for many Africans across the continent. Maurice added that there are multiple benefits that stablecoins like USDC will provide to African consumers and businesses. One such benefit is making financial transactions more accessible and efficient.
According to Maurice, the most common uses for cryptocurrencies in Africa are enabling international payments, transferring funds to friends and relatives, and protecting assets from inflation. These practical applications address the specific demands of the African population, indicating a rising acceptance of digital currencies as viable answers to regular financial settlements.
Per on-chain data, the top five African countries with the highest Bitcoin adoption are South Africa, Nigeria, Zimbabwe, Kenya, and Ghana.