On January 11, Coinbase, a renowned crypto exchange, announced its collaboration with Yellow Card, the first licensed Stablecoin on/off ramp on the African continent. This partnership aims to broaden the reach of their products to emerging economies across Africa.
Through this alliance, Coinbase plans to extend access to its products, beginning with 20 African nations. The partnership will enable millions of African users to access USD Coin (USDC) on the Coinbase Wallet and the Yellow Card app. The goal is to “increase economic freedom” in many of these countries, which have been plagued by high inflation, remittance dependency, and a lack of a modern financial system. It is noted that young people are more likely to recognize the benefits of crypto, with 72% of global crypto owners being under the age of 34.
The partners aim to make the global financial system “more accessible”. To achieve this, they will facilitate access to USDC on Base for cheaper fees and faster transactions than traditional transfers, starting in February 2024. In the Coinbase Wallet, users will be able to purchase USDC directly from their Wallet app, and send USDC without any fee to messaging and social media apps. Users of Yellow Card’s platform can also purchase USDC on Base and transfer through the L2 blockchain, benefiting from cheaper fees and easy access to the stablecoin.
Chris Maurice, Co-Founder and CEO of Yellow Card, expressed his optimism about the future of the partnership and the solutions it might bring to African people and businesses. The partnership aims to protect users’ savings across the African continent from “unstable currencies” and economic volatility due to high inflation rates of up to 18.5%. They will offer lower remittance fees, with the maximum fee being 2%. Additionally, they will provide access to the global financial system to small and medium enterprises (SMEs) by allowing merchants to set up a Wallet in less than a minute, thereby broadening their growth.
In conclusion, the Coinbase and Yellow Card partnership aims to expand solutions for people and businesses in 20 African countries by making the global financial system more accessible. As of now, Coinbase (COIN) is priced at $132.85 on the daily chart.
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| Information | Details |
|---|---|
| Geography | Africa |
| Countries | |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Chris Maurice |
| Companies | TradingView.com, Yellow Card, Coinbase, Unsplash, NewsBTC |
| Currencies | US Dollar |
| Securities | COIN |
