Coinbase, a major U.S.-based cryptocurrency exchange, has partnered with Yellow Card, an African stablecoin exchange, to expand its product accessibility in emerging economies across 20 countries on the continent. This collaboration, starting in February, will enable over half of Africa’s population to access USD Coin (USDC) through the Coinbase Wallet app. Users will also be able to send stablecoins without fees using popular messaging platforms such as email, WhatsApp, iMessage, and Telegram.
The partnership emphasizes economic freedom in regions lacking modern financial systems, especially in countries experiencing high inflation and a strong interest in money transfers. The initiative is expected to facilitate the rise of a modern financial infrastructure where it is currently absent.
Yellow Card previously announced funding rounds, including a $1.5 million round in August 2020 with investors like Polychain Capital, Andreessen Horowitz, and Celo Ecosystem Fund, followed by a $40 million Series B funding round led by Polychain in September 2022.
Coinbase’s collaboration with Yellow Card is part of its “Expand, Deepen” strategy, which focuses on compliant international expansion. The crypto exchange recently announced plans to acquire a MiFID-licensed entity to expand its derivative offerings in the European Union, where it currently provides only spot cryptocurrency trading.
In 2023, Coinbase expanded its international scope beyond the U.S. for institutional spot trading through Coinbase Global, which started offering derivative trading to institutional clients outside the U.S. last year.
