Last Updated on January 12, 2024 by Bitfinsider
Through its new relationship with Yellow Card, an on-and-off ramp service for cryptocurrencies in Africa, the cryptocurrency exchange disclosed in a blog post on January 11 that it is now concentrating on African markets.
Through their partnership, Coinbase Ventures and Yellow Card, the U.S.-based cryptocurrency exchange hopes to make Circle’s USDC stablecoin available to millions of customers on Base, a layer-2 network that Coinbase has established. The exchange also announced that African customers would be able to purchase USDC directly via the Yellow Card widget in Coinbase Wallet, a non-custodial digital wallet, as of February.
“Many of these countries are high-inflation and remittance-dependent. This partnership with its emphasis on USDC will increase economic freedom in places that have lacked it, and help stand up a modern financial system where one hasn’t existed,” the Coinbase Spokesperson said.
According to Chris Maurice, co-founder and CEO of Yellow Card, the collaboration should enable the company to enable the next “one billion people across Africa to participate in the future of finance.”
Since its founding in 2016 by Munachimso Ogueke, Justin Poiroux, and Chris Maurice, Yellow Card has raised more than $56 million in funding. The business revealed in August 2023 that Polychain Capital would lead a $40 million Series B fundraising round. The financing was also contributed to by other investors, including Valar Ventures, Third Prime, Sozo Ventures, Castle Island Ventures, and Fabric Ventures.
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