Coinbase has partnered with Onboard Global to enhance cryptocurrency trading in Nigeria by allowing purchases with Naira via a peer-to-peer exchange. Users can buy under $100 without ID verification. The move follows regulatory changes in Nigeria and aims to expand access while managing compliance risks. This is part of a broader strategy targeting emerging markets.
Coinbase has established a partnership with Onboard Global to enhance cryptocurrency trading accessibility in Nigeria. This collaboration allows users to purchase digital assets using the local currency, Naira, via a peer-to-peer (P2P) exchange, which alleviates costs and enhances accessibility for users. Notably, users can engage in transactions involving less than $100 without the necessity of ID verification, promoting easier entry for newcomers into the cryptocurrency market.
Historically cautious about entering the Nigerian market due to regulatory uncertainties, Coinbase has begun to embrace the opportunity, especially following changes in the local regulatory landscape. Recent shifts in leadership at Nigeria’s Securities and Exchange Commission indicate a transition towards more conducive regulation, moving away from previous outright bans against significant exchanges like Binance.
To adeptly maneuver through Nigeria’s dynamic regulatory environment, Coinbase is strategically transferring certain risks to Onboard Global. This partner will oversee user verification and operate the P2P trading platform, ensuring compliance with local laws while allowing Coinbase to maintain a degree of separation from direct supervision by local authorities. Furthermore, Coinbase’s Ethereum-based layer-2 blockchain, known as Base, will also contribute to reduced transaction fees and broaden access to over 540 additional tokens.
This partnership is set to significantly improve cryptocurrency purchasing options for Nigerian users. Onboard Global is leveraging Onramper’s extensive network, connecting users with various liquidity providers, including Yellow Card, Coinify, Neocrypto, Alchemy Pay, and Localramp. The arrangement facilitates account funding via bank transfers and purchases from P2P merchants, expanding the pathways to cryptocurrency engagement.
Coinbase views Nigeria as the initial market to capitalize on this innovative payment infrastructure. Onboard Global has already earmarked over 50 additional markets for 2025 expansion, which includes countries like Argentina, India, Indonesia, Kenya, the Philippines, and Turkey. This strategic shift positions Coinbase to effectively respond to the growing demand for cryptocurrency in emerging markets while adeptly managing regulatory risks through local partnerships.
In summary, Coinbase’s collaboration with Onboard Global marks a significant advancement for cryptocurrency accessibility in Nigeria. The elimination of ID verification for low-value transactions, alongside expanded purchasing options, is anticipated to attract new users to the crypto space. As local regulations continue to evolve in favor of a structured market, Coinbase aims to solidify its presence in Nigeria before extending its services to additional emerging markets in the near future.
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