Coinbase, the U.S. cryptocurrency exchange, has announced its plans to expand access to its products in 20 African countries.
In a recent statement, Coinbase revealed that users in these selected African countries will soon be able to ‘purchase USDC directly in our [Coinbase] Wallet app starting in February.’
This expansion is facilitated through a partnership with Yellow Card, a platform specializing in stablecoins in Africa.
YellowCard exchange is currently available in the following countries:
- Cameroon
- Kenya
- Nigeria
- South Africa
- Botswana
- Rwanda
- Tanzania
- Ghana
- Zambia
- Uganda
- Gabon
- Malawi
- Benin
- Burkina Faso
- Cote d’Ivoire
- Mali
- Togo
- DR Congo
- Congo
- Gabon
Additionally, users on the YellowCard platform will gain the ability to acquire the stablecoin USDC on the Ethereum layer two (L2) chain, Base. Coinbase emphasizes that this collaboration aims to benefit African users, especially those in countries affected by inflation, by offering more cost-effective payments and quicker transfers.
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.
the crypto exchange said.
According to Coinbase, this collaborative effort has the potential to enhance economic freedom for African users by enabling them to send remittances with fees not exceeding 2%. Currently, many Africans sending funds to their families face fees ranging between 3% and 6%.
Moreover, the partnership, by facilitating access to USDC, is poised to effectively connect small and medium enterprises (SMEs) in Africa to the global financial system.
Coinbase characterizes its collaboration with Yellow Card as part of its ‘Go Broad, Go Deep’ strategy for compliant international expansion. This approach not only facilitates Coinbase’s entry into markets with lower economic freedom but also aligns with the company’s commitment to closely engage with local payments regulators in more mature markets.
