Coinbase and Yellow Card accelerate cryptocurrency adoption in 20 African countries

Coinbase and Yellow Card accelerate cryptocurrency adoption in 20 African countries

A different reality. When viewed from Europe or the United States, cryptocurrency is often considered a speculative financial instrument, but in other latitudes it is sometimes different. This is especially the case on the African continent, where economic and monetary realities are pushing more and more people to use Bitcoin for what it is: a tool. Residents of Nigeria, Ghana, South Africa or Senegal, who are faced daily with a significant devaluation of their currency or difficulty transferring funds between two countries, are turning to cryptocurrency because they need it. This is why many companies have emerged in recent years, and Yellow Card is one of them. It already offered a number of services around cryptocurrencies, and the partnership with Coinbase should facilitate the arrival of new users, who are particularly attracted to its internal stablecoin: USDC. Explanations.

Yellow Card already offers cryptocurrencies to half of the continent…

Yellow Card is one of the flagships of the continent that offers the purchase and exchange of cryptocurrencies in a simplified way. Listening for peculiarities African consumers, it is thus possible to create a wallet simply via a smartphone or computer. The principle is then the possibility to convert your local currency to cryptocurrency either using Mobile Money, which we have already informed you about in previous articles, or using physical counters. Next ? Armed with your cryptocurrenciesyou can keep them, send them or even spend them depending on the country you are in.

On the place Yellow card Currently, 20 countries are covered by this service, representing just over 50% of the continent’s total population. Advantage of partnership with Coinbase for users of the service is to have access to Base, layer 2 developed by the exchange, but above all to its stablecoin: USDC, at a lower cost. yellow card CEO, Chris Maurice, explained to the press why he was pleased with the deal:

“Crypto addresses real banking and currency issues on the continent and is not the casino it can sometimes feel like in the West. Additionally, stablecoins like USDC solve real problems for real people and real businesses on the continent. »

Chris Maurice, CEO of Yellow Card – Source: Cointelegraph

…and Coinbase will make it easier to use its USDC stablecoin

Coinbase recently launched Coinbase wallet, a cryptocurrency transfer service that uses a link that can be easily used through all successful applications such as iMessage, Telegram, WhatsApp, Facebook or even Instagram. The interest of the partnership for the American platform is to be able to find new users who will use the yellow card to convert their local currency to access their wallet.

Brian Armstrong’s teams specify in a press release that the adoption of cryptocurrency in these African countries will allow to solve many everyday problems. First, they list protection against devaluation local currency, then we find the current prohibitive fees international transfers of funds which will be almost zero with their solution. Finally, Coinbase is happy to make life easier for many traders who are struggling with the impossibility of trading. business internationally due to problems currency conversion. All of these issues were covered by your favorite newspaper last year, and we invite you to delve into them again this weekend.

Despite its great differences, the African continent is a perfect candidate to test the use of cryptocurrency in everyday life on a large scale, and the platforms have understood this well. More than a monetary gimmick, it is a real financial revolution that is becoming less and less quiet and that international players in the sector want to participate in.

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