Coinbase Expands to Africa With New Partnership
A major player in the United States' crypto exchange scene is making bold moves into the African market, unveiling plans to collaborate with Yellow Card, a prominent stablecoin exchange on the continent.
Coinbase recently shared in a blog post its ambitious strategy to extend its footprint to 20 different countries across Africa. The key component of this expansion is a strategic partnership with Yellow Card, designed to offer millions of individuals access to leading dollar-pegged crypto assets like USDC, all delivered through an efficient and cost-effective platform.
In the blog update, Coinbase underscored the importance of this alliance with Yellow Card, highlighting the seamless and cost-effective nature of transactions on their platform compared to traditional fiat transfers.
The collaboration is particularly pertinent for nations grappling with high inflation or heavy dependence on remittances, as Coinbase aims to lay the groundwork for a contemporary, decentralized financial system in these regions.
Coinbase expressed optimism about the African market’s potential openness to virtual currencies, attributing this sentiment to the continent’s youthful demographic. Global statistics revealing that over 70% of cryptocurrency owners worldwide are under 34 years old further fueled this belief. Coinbase posited that the younger generation, accustomed to the agility and autonomy of the internet, is more likely to embrace the advantages of cryptocurrency.
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In drawing parallels with technological trends, Coinbase likened this situation to the leapfrogging of outdated technologies, suggesting that Africa has the opportunity to skip over obsolete legacy financial systems burdened by sluggish processes, exorbitant fees, and geographical constraints. The proposition is to replace these systems with a contemporary, global, and decentralized financial infrastructure.
In a parallel development, Coinbase also disclosed plans to broaden its presence into the European Union (EU), signaling its intent to secure a license for the introduction of cryptocurrency derivatives.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
