Expansion To Emerging Economies
Coinbase has partnered with Yellow Card, the largest and first licensed Stablecoin on/off ramp in Africa, to expand access to their products in emerging economies across the African continent. This partnership will initially cover 20 African countries, providing millions of users with access to USD Coin (USDC) through the Coinbase Wallet and Yellow Card app.
The goal is to increase economic freedom in these countries, which have suffered from high inflation and a lack of a modern financial system. According to Coinbase, young people are more likely to recognize the benefits of crypto, with 72% of crypto owners globally being under age 34.
Their Plan To Make The Global Financial System “More Accessible”
To make the global financial system more accessible, Coinbase and Yellow Card will facilitate access to USDC on Base with cheaper fees and faster transactions than traditional transfers. Users will be able to purchase USDC directly from the Coinbase Wallet app and send it without any fees through messaging and social media apps.
Yellow Card’s platform also allows users to purchase USDC on Base and transfer it through the L2 blockchain, benefiting from lower fees and easy access to the stablecoin.
Chris Maurice, CEO of Yellow Card, expressed excitement about the partnership and its potential solutions for African people and businesses.
Hot Take: Expanding Financial Access in Africa
Coinbase’s partnership with Yellow Card aims to bring greater financial access and economic stability to 20 African countries. By expanding access to USD Coin (USDC) through the Coinbase Wallet and Yellow Card app, millions of users will have a more affordable and efficient way to transact digitally.
This collaboration not only addresses the challenges of high inflation and remittance dependency in these countries, but also taps into the growing interest in cryptocurrency among young people. With the potential for lower fees and faster transactions, this partnership has the potential to empower individuals and small businesses by providing them with access to a more modern and inclusive financial system.
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