Cryptocurrency Exchange Coinbase Expands USDC Usage in Africa with Yellow Card
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Coinbase announced the expansion of its services to emerging economies, with an initial focus on 20 countries in Africa.
The cryptocurrency exchange revealed in a statement blog post On January 11, the company is now focusing on the African market through a new partnership with Yellow Card, an on-ramp service for cryptocurrencies in Africa.
Through a partnership between Yellow Card and Coinbase Ventures, the investment arm of Coinbase, the U.S.-based cryptocurrency exchange aims to provide millions of users with access to Circle’s USDC stablecoin on Base, a layer 2 network developed by Coinbase. The exchange added that starting in February, African users will be able to purchase USDC directly in the non-custodial digital wallet Coinbase Wallet using the Yellow Card widget.
“Many of these countries have high inflation rates and are reliant on remittances. This USDC-focused partnership will increase economic freedom in places that lack it and help build modern financial systems where they don’t yet exist (.. .)”
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Yellow Card co-founder and CEO Chris Maurice said the partnership is expected to help the company help “Africa’s next billion people participate in the future of finance.”
Founded in 2016 by Chris Maurice, Justin Poiroux and Munachimso Ogueke (yellow card) secured To date, more than $56 million has been raised. In August 2023, the company announced the completion of a $40 million Series B financing led by Polychain Capital. Other investors including Valar Ventures, Third Prime, Sozo Ventures, Castle Island Ventures and Fabric Ventures also participated in the round.
