Coinbase Collaborates with Yellow Card to Expand in Africa
Crypto exchange giant Coinbase is entering the African markets through a partnership with local stablecoin exchange Yellow Card.
This collaboration will allow Coinbase customers in 20 countries across Africa to access its products.
Yellow Card Empowers African Users with Stablecoins
Yellow Card, a leading African stablecoin exchange with 1.4 million users, aims to provide easier access to stablecoins and more affordable payment methods through this partnership.
The CEO of Yellow Card, Chris Maurice, believes that this collaboration will empower millions of Africans to embrace the future of finance.
Expanding Economic Freedom and Supporting SMEs
Coinbase emphasizes that this expansion will help increase economic freedom in regions plagued by high inflation, hefty fees, and low transaction speeds.
Additionally, the use of the USD Coin (USDC) stablecoin will benefit small and medium enterprises (SMEs) in Africa, as it provides them with access to the global financial system and removes cross-border growth obstacles.
Africa: The Youngest Continent
Africa has the world’s youngest population, with almost 60% under the age of 25. Coinbase believes that young people are more likely to recognize the benefits of crypto.
Furthermore, Africa is one of the fastest-growing crypto markets globally. Kenya, Nigeria, and South Africa have the highest number of users in the region.
Addressing Volatility with Stablecoins
The use of stablecoins like USDC addresses the issue of volatility in crypto assets. These stablecoins are suitable for commercial payments and provide a store of value for users in Africa.
Coinbase Wallet users will be able to send USDC without fees on any platform where they can share a link, including messaging apps like WhatsApp.
Hot Take: Coinbase Expands Access to Africa’s Crypto Market
Coinbase’s partnership with Yellow Card is a significant step towards expanding access to digital assets in Africa. By collaborating with a leading stablecoin exchange, Coinbase aims to empower African users and support the growth of SMEs in the region. This move not only addresses the challenges of high inflation and limited financial access but also taps into Africa’s young population, which is increasingly embracing cryptocurrencies. With the use of stablecoins like USDC, Coinbase provides a solution to the volatility issues faced by African crypto users. This expansion reinforces Africa’s position as one of the fastest-growing crypto markets globally.
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