The collaboration will enable Coinbase to offer millions of users access to the USDC stablecoin, which is based on its own Base blockchain. This will allow users in Africa to make secure and fast payments and transfers. Initially, the services will be available in 20 countries, with further expansion planned in the future.
Both Coinbase Wallet users and Yellow Card clients will have access to the USDC stablecoin. Starting from February, Coinbase Wallet users will also be able to purchase USDC directly. The exchange plans to waive transaction fees for this stablecoin, provided users utilize a specific link. This will enable fee-free fund transfers via popular instant messaging platforms such as Telegram and WhatsApp.
“Residents of many African countries suffer from high inflation and rely heavily on payment services. This partnership will increase economic freedom and introduce a modern financial ecosystem to areas where it has previously been lacking,” stated Coinbase.
The development of cryptocurrencies in Africa presents significant opportunities due to its large youthful population and limited access to traditional financial services. It is worth noting that Coinbase continues to expand its global presence rapidly, with its recent acquisition of a license to operate in France in December.