Coinbase Partners Onboard to Provide Crypto Services in Nigeria
TLDR
- Coinbase has partnered with Onboard Global to allow Nigerian users to buy and sell cryptocurrencies
- Previously, Coinbase did not offer crypto trading in Nigeria due to regulatory concerns
- Onboard Global, backed by Nestcoin, partners with payment providers like Onramper and Yellow Card
Coinbase has partnered with Onboard Global to allow Nigerian users to buy and sell cryptocurrencies. The move comes a year after Nigeria’s regulatory crackdown on Binance, opening the market to alternative exchanges.
Previously, Coinbase did not offer crypto trading in Nigeria due to regulatory concerns. Through Onboard, which provides verification and a secure peer-to-peer (P2P) platform, Coinbase can operate while limiting its exposure to compliance risks.
Onboard Global, backed by Nestcoin, partners with payment providers like Onramper and Yellow Card, allowing users to buy crypto via bank transfers or P2P merchants. The integration expands Onboard’s reach while giving Coinbase a foothold in Nigeria’s growing crypto market. Coinbase recently stated that the U.S. SEC may drop its lawsuit against the company.
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Key Takeaways
Coinbase’s entry into Nigeria highlights the evolving regulatory landscape for crypto in Africa. After Binance’s regulatory challenges, alternative platforms are finding ways to operate through strategic partnerships. By using Onboard’s infrastructure, Coinbase bypasses direct regulatory risks while tapping into one of Africa’s largest crypto markets. The partnership signals growing institutional interest in Africa’s digital asset space. Nigeria, despite regulatory hurdles, remains a major hub for crypto adoption. The P2P model could serve as a blueprint for Coinbase’s expansion into other emerging markets with complex financial regulations. As the company scales its Base blockchain and integrates more tokens, it may challenge existing exchanges in Nigeria. The long-term success of this strategy will depend on regulatory shifts and user adoption in a competitive market.
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