In an effort to lead the way for the future of money on the continent, Coinbase, the top global cryptocurrency exchange, and Yellow Card, the top stablecoin exchange, have established a strategic alliance. In the interim, this partnership seeks to enable previously unheard-of access to USDC for millions of consumers throughout 20 African nations, promoting quicker, more dependable, and more affordable transactions via Coinbase and Yellow Card services.
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Yellow Card and Coinbase Join Forces for Financial Inclusion
In a recent blog post, Coinbase announced a bold plan to increase product accessibility in developing nations, beginning in Africa. Through their relationship with Yellow Card, a business in Coinbase Ventures' portfolio, they hope to enable customers to easily access USDC on the L2 Base and guarantee transactions at fees that are substantially less than those of regular fiat transfers. >
The statement also revealed that Coinbase is expanding product accessibility in developing economies, starting with 20 African nations.
Coinbase's announcement highlights the significance of this relationship by highlighting how it solves particular needs in areas with high rates of inflation and a reliance on remittances. According to the release, the action is also expected to provide economic freedom to these regions, safeguard savings from currency fluctuations, and enable transfers with lower costs and quicker processing times.
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Transforming the Economic Scene
The benefits of the cooperation go beyond the individual users; small and medium-sized businesses (SMEs) in emerging economies, such as those in Africa, stand to gain the most. By integrating USDC, these companies may quickly access the global financial system and get over the difficulties of opening accounts in USD and EUR, which impedes their ability to expand internationally.
Furthermore, the program is in line with the tastes of a tech-savvy generation on a continent where youth make up the majority of the population. Given that over 70% of bitcoin owners worldwide are under 34, this move aligns with the expectations of a demographic used to the speed, accessibility, and independence of the internet.
In the meanwhile, Coinbase's larger goal of expanding globally is in line with this strategic alliance, which employs the "Go Broad, Go Deep" approach. Coinbase wants to promote innovation in the cryptocurrency space and introduce over a billion people to it through partnerships and the establishment of clear regulations. Additionally, the cooperative action represents the inevitable rise of cryptocurrencies as the engine powering a more transparent, reachable, and international financial system.