It looks like Coinbase decided on a new expansion, and this time, it’s in Africa. The important crypto exchange teamed up with the leading African stablecoin exchange Yellow Card.
Coinbase expands to Africa
Coinbase, the leading US-based crypto exchange platform, has announced its partnership with Yellow Card, a prominent African stablecoin exchange.
Coinbase plans to expand its reach to 20 countries in Africa and provide millions of people with access to several significant dollar-pegged crypto assets, including USDC.
According to the reports coming from the online publication The Daily Hodl, this new development will allow African users to buy and sell cryptocurrencies with greater ease and convenience.
“Through our new partnership with Yellow Card, one of Africa’s leading stablecoin exchanges and a Coinbase Ventures portfolio company, millions of users will gain access to USDC on Base with fast, reliable transactions at fees of less than half the cost of fiat transfers.”
Coinbase has stated that its partnership with African nations will help establish a modern decentralized financial system in countries that are either facing high inflation or are reliant on remittances.
Additionally, the cryptocurrency exchange predicts that the younger demographic in the African market may be more open to virtual currencies.
“Africa is by far the youngest continent. Young people are more likely to recognize the benefits of crypto: more than seven in 10 crypto owners globally (72%) are under age 34. Consumers who have grown up with mobile phones and apps expect to be able to move their money with the speed, reach, and autonomy of the internet.
In countries with legacy financial institutions, those institutions just can’t deliver; even in the US, 52% of young adults are actively seeking alternatives to the current financial system. And in many countries hosting our partnership, there is hardly any system at all.
Just as parts of the world skipped over desktops and went straight to phones to access the internet, they are now able to skip over an outdated, legacy financial system bogged down by slow speeds, high fees, and geographic borders straight to one that is up to date, global, and decentralized.”
Earlier this week, Coinbase announced that it would also look to expand into the European Union by obtaining a license to launch crypto derivatives.
