Coinbase has expanded its operations into Africa through a partnership with African stablecoin exchange Yellow Card. This partnership allows Coinbase to offer its Wallet app to users in 20 African countries, representing more than half of the continent’s population. Users will be able to purchase the USD Coin (USDC) stablecoin directly within the Coinbase Wallet app, starting from February. This will enable them to easily send USDC without fees on various platforms and through messaging apps and social media.
The use of USDC in Africa could potentially increase economic freedom and contribute to the development of a modern financial system, especially in countries with high inflation and reliance on remittances. Cryptocurrency usage and ownership rates have been increasing in Nigeria and South Africa, with 47% and 22% of adults owning or using cryptocurrencies in 2022, respectively.
By offering lower fees for USDC transfers compared to traditional banking fees, Coinbase aims to provide a cost-effective solution for African users. The partnership with Yellow Card aligns with Coinbase’s “Go Broad, Go Deep” strategy for global expansion, as it continues to offer its crypto services worldwide.
In addition to its expansion into Africa, Coinbase has also announced plans to expand its derivatives offering in Europe by acquiring a MiFID-authorized entity based in Cyprus. These expansions demonstrate Coinbase’s commitment to growing its presence in international markets.
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