American publicly traded company that operates a cryptocurrency exchange platform, Coinbase, has partnered with the largest and first licensed Stablecoin on/off ramp on the African continent, Yellow Card, to expand and simplify access to USD coin and digital assets in Africa.
Following this partnership, Coinbase has integrated the new Yellow Card Widget, giving Coinbase Wallet customers access to Yellow Card’s extensive network of payment methods across 20 African countries.
Users also can purchase USDC on Base, benefiting from cheaper payments and transfer through the L2 blockchain as well as easy access to one of the main US dollar stablecoin offerings, which will transform the accessibility and convenience of digital assets throughout Africa.
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The Yellow Card Widget enhances Yellow Card’s existing Payments API, which already helps businesses provide their African customers with local currency transaction options. With the addition of the Widget, businesses such as Coinbase can now offer a better experience for customers dealing with digital assets.
Speaking in the partnership, Coinbase said via a statement,
“Our new partnership will help usher in the
future of money by giving millions of users access to USDC and fast, reliable, cheaper transactions on our decentralized, open L2 Base through both Coinbase and Yellow Card products,”
Also commenting, co-founder and CEO of Yellow Card, Chris Maurice said,
“We are thrilled to partner with Coinbase to bring the transformative power of Stablecoins to more people across Africa. Together, by combining Yellow Card’s regional expertise with Coinbase’s global brand and infrastructure, we will empower the next one billion people across Africa to participate in the future of finance.”
Here is an overview of what customers in Africa will benefit from the partnership of Yellow Card and Coinbase
Convenient and Affordable Payment Methods:
The integration will offer customers a range of convenient and cost-effective payment methods, including local bank transfers and mobile money, in their local currency.
Safe and Secure Transactions:
The partnership ensures a secure environment for buying and selling virtual assets, enhancing trust and confidence among customers.
Enhanced Customer Experience:
Yellow Card’s customers can expect an improved and streamlined experience, making digital asset transactions more user-friendly and efficient.
Quick and Easy KYC Process:
The Know Your Customer (KYC) process will be expedited by Yellow Card’s expertise in onboarding customers across Africa, providing a swift and hassle-free onboarding experience for everyone.
Low Fees and Competitive Rates:
Coinbase customers in Africa will enjoy the benefit of minimal transaction fees and favourable exchange rates when converting from their local currency into USDC and vice versa.
It is worth noting that many of these African countries are high-inflation and remittance-dependent, hence, Yellow Card and Coinbase will increase economic freedom, and help set up a modern financial system in countries where one hasn’t existed.