Coinbase bets on youth in Africa (and elsewhere)

Coinbase bets on youth in Africa (and elsewhere)

Almost 3 out of 4. Here is the proportion of cryptocurrency holders worldwide who are under the age of 34, and this allows us to see things from a different perspective. The arrival of spot bitcoin ETFs in the United States and the profile of many users in Europe could suggest that the forty-year-old and soon boomers Americans are the kings of cryptocurrency… but not at all! In Latin America, Asia and especially Africa, young people are rushing there. With a desire to trade, send money home, save their economies from devaluation and participate in globalization on the same level as the rest of the world. Coinbase understood the situation and now offers its services in 20 African countries in cooperation with Yellow Card. A look back at the essential partnership that finally offers pragmatic solutions to nearly half the continent.

Coinbase knows that 72% of cryptocurrency holders worldwide are under the age of 34…

We already presented the main points to you last week a joint project of Coinbase and Yellow Card to facilitate access to crypto services in 20 African countries. The point is democratize use cryptocurrencies by simplifying inputs and outputs by permitting using many local currencies such as Nigerian Naira, Kenyan Shilling, West African CFA Franc, Malawian Kwacha and many more. So much for the practical side of things, but also behind the scenes of the teams Brian Armstrong also prepare the future of the industry. Because it is no coincidence that they are attacking the market of the world’s youngest continent head on.

Africa presents the youngest average age in the world and we now know that young people are much more sensitive to the sirens of Bitcoin & Co. Even in the United States, where there is no shortage of cards and payment apps, 52% of young adults are still looking an alternative to the current financial system according to a Coinbase report. For political or philosophical reasons? Maybe. For the love of technology or to speculate a little? Definitely. But in southern countries and especially on the African continent, the reasons are decidedly more pragmatic: people need a tool that works. Straight. Everywhere. And for everyone.

…and that young people in Africa are in dire need of pragmatic solutions

Because the financial system as we know it in Europe has never really taken hold on this continent financial inclusion is one of the lowest in the world. Issue of personal status, residence, informal economy, ineffective public policies, inappropriate and/or poorly managed currencies. The causes and situations are many and vary from one country to another, but the common point may be: certain money pain. However, it may be that part of the answer to these problems can be found in cryptocurrency. And that, a whole lot startups local communities understood this, but also and above all market giants like Binance or Coinbase.

With smartphones already in the hands of almost every young person in Nigeria, South Africa or the big cities of West Africa, all that remained was to find a way to reach into the pockets of its hundreds of millions of potential users. The yellow card partnership is the only one. Coinbase continues its policy of geographic expansion outside the United States and has made a big splash in 20 African countries by partnering with a well-known, respected and very well-established player.

Brian Armstrong’s platform is involved in the issue of Bitcoin ETFs recently approved on Wall Street, is present in Paris with a brand new PSAN, is involved in lobbying events in Washington in anticipation of the next presidential election, and is definitely attacking 2024. floor!

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