Coinbase partners with Onboard Global to expand crypto access in Nigeria

Coinbase has announced a partnership with Onboard Global to help Nigerian users buy and sell cryptocurrencies more efficiently.

Coinbase has partnered with Onboard Global to expand crypto access in Nigeria and support financial inclusion. The partnership will enable users to buy and sell cryptocurrencies more efficiently.

Coinbase has announced a partnership with Onboard Global to facilitate easier crypto buying options for users in Nigeria.

Coinbase users can now access the Onboard P2P feature on Coinbase Wallet as an additional method to buy cryptocurrency using local fiat. This option allows users to buy crypto via peer-to-peer (P2P) exchange and handle transactions with local currency.

To use the P2P feature, users must first complete KYC (Know Your Customer) verification on Onboard. However, due to the partnership, users do not need to go through lengthy verifications on Onboard as the platform provides lower transaction fees.

Base, together with Coinbase Wallet, is working towards developing an international on-chain economic system that supports innovative activities while defending financial independence. A major obstacle that several countries face is the difficulty in acquiring crypto assets with their national currencies. The combination of complicated verification policies and high conversion fess acts as a barrier to new users entering the market.

Coinbase has established this partnership to create a user platform that complies with local regulatory standards in Nigeria. The verification process will be handled by Onboard to ensure a protected trading environment. Through this approach, Coinbase will face minimal regulatory difficulties in the region.

Coinbase Partnership Will Support Financial Inclusion in Nigeria

Prior to this partnership, Coinbase was unable to provide crypto-buying services in Nigeria due to restrictions imposed by governing authorities. The verification process handled by Onboard will now allow Nigerian users to engage in secure crypto trading activities.

Moreover, users from Coinbase can make crypto purchases below $100 without needing to fulfill Know Your Customer (KYC) verification. This process will enable Nigerians to navigate the crypto market with greater ease.

Base will integrate into the partnership as Coinbase’s layer-2 blockchain network alongside other elements. It operates on the Ethereum platform, permitting users to transact currency with 540 different tokens. The integration of Base will provide Nigerian users with a scalable and economical framework for executing their crypto transactions.

The government of Nigeria has been implementing measures to govern cryptocurrency transaction activities. The government aims to generate revenue by introducing taxation requirements for cryptocurrency trades. Additionally, licenses for crypto trading platforms are set to be launched by the government later this year.

Coinbase, through its strategic alliance with Onboard, is poised to accelerate the growth of cryptocurrency adoption throughout Nigeria. This partnership will grant users greater financial inclusion and access to a burgeoning digital economy.