Coinbase Expands Services to Africa Through Partnership with Yellow Card
Coinbase has revealed plans to expand its services to emerging economies, starting with a focus on 20 countries in Africa. The crypto exchange announced its partnership with Yellow Card, an on-and-off ramp service for cryptocurrencies in Africa, in a blog post on Jan. 11.
Enhancing Access to USDC Stablecoin
Through the collaboration between Yellow Card and Coinbase Ventures, Coinbase’s investment arm, the exchange aims to provide millions of users with access to Circle’s USDC stablecoin on Base, a layer-2 network developed by Coinbase. Starting from February, African users will be able to purchase USDC directly in Coinbase Wallet using the Yellow Card widget.
“Many of these countries are high-inflation and remittance-dependent. 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 […]”
– Coinbase
Empowering Africa’s Future of Finance
The partnership is expected to empower the next billion people across Africa to participate in the future of finance, according to Yellow Card co-founder and CEO Chris Maurice. Since its establishment in 2016, Yellow Card has secured over $56 million in funding, including a $40 million Series B funding round led by Polychain Capital.
Hot Take: Coinbase Expands into African Markets Through Partnership with Yellow Card
Coinbase’s expansion into emerging economies begins with a focus on Africa. Through its partnership with Yellow Card, the crypto exchange aims to enhance access to the USDC stablecoin for millions of users in African markets. This collaboration will contribute to increasing economic freedom in countries that have experienced high inflation and reliance on remittances. By leveraging Coinbase’s layer-2 network, Base, African users will be able to purchase USDC directly in Coinbase Wallet using the Yellow Card widget. The partnership is set to empower a significant number of people across Africa to participate in the future of finance, aligning with Coinbase’s mission to provide financial services to all.
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