🌍 Coinbase Partners with Onboard Global for Cryptocurrency Trading in Nigeria
🤝 Coinbase has teamed up with Onboard Global to facilitate secure cryptocurrency trading for Nigerian users. This partnership allows users to purchase cryptocurrencies using local currency through a peer-to-peer (P2P) exchange, featuring simplified verification processes and reduced fees. Notably, identity verification is waived for transactions under $100.
🚫 Previously, Coinbase avoided the Nigerian market due to perceived high risks. However, following recent leadership changes at Nigeria’s Securities and Exchange Commission, the country is now moving towards regulating the cryptocurrency sector. Two local digital asset exchanges have already received operating licenses, with more approvals expected in 2025.
🔄 The partnership shifts risk management responsibilities to Onboard Global, which will provide verification services and a secure P2P trading platform. This arrangement is designed to protect Coinbase from regulatory challenges. Additionally, Base, Coinbase's layer-2 blockchain network, will be integrated into this partnership to offer a scalable and cost-effective protocol for transactions.
💳 Onboard Global will also enhance the purchasing options for users by collaborating with Onramper. This alliance allows customers to buy cryptocurrencies from various liquidity providers such as Yellow Card, Coinify, Neocrypto, Alchemy Pay, and Localramp using bank transfers or through P2P merchants.
🌐 According to a statement from Coinbase, Nigeria is the first country to benefit from this easier access to Onboard’s P2P exchange. Onboard plans to expand its payment options to over 50 countries within the next year, with upcoming support for Argentina, India, Indonesia, Kenya, the Philippines, and Turkey.