Coinbase Partners with Onboard Global to Enhance Crypto Trading in Nigeria

Coinbase has partnered with Onboard Global to enable cryptocurrency trading in Nigeria, allowing users to buy digital assets with Naira through a peer-to-peer exchange. The partnership simplifies ID verification for amounts under $100 and expands purchasing options through various liquidity providers. This strategic move positions Coinbase for growth in a regulating Nigerian market and sets the stage for potential expansion into additional emerging markets.

Coinbase has recently announced a partnership with Onboard Global to facilitate secure and efficient cryptocurrency trading in Nigeria. This strategic collaboration allows users to purchase digital assets using Naira through a peer-to-peer (P2P) exchange, thereby enhancing accessibility and reducing costs associated with crypto trading. Notably, the partnership simplifies the customer verification process: individuals purchasing less than $100 worth of cryptocurrency will not require ID verification, making entry into the crypto market more inviting for novices.

Previously, Coinbase exercised caution in entering the Nigerian market due to regulatory uncertainties. The situation became increasingly complex in early 2024 when the Nigerian government intensified crackdowns on major global exchanges like Binance, attributing the depreciation of the Naira to their operations. With recent regulatory developments and a shift towards creating a regulatory framework under new leadership at the Nigeria Securities and Exchange Commission (SEC), Coinbase appears ready to make a significant impact in the region.

In navigating the evolving regulatory environment, Coinbase has strategically shifted some risks to Onboard Global. This partnership allows Onboard Global to manage user verification processes and oversee the P2P trading platform, ensuring compliance with local laws while minimizing Coinbase’s exposure to direct regulatory pressures. Integral to this initiative is the utilization of Base, Coinbase’s Ethereum-based layer-2 blockchain, which significantly reduces transaction fees and provides access to a broader range of over 540 tokens.

Furthermore, this collaboration increases the options available to Nigerian users for purchasing cryptocurrencies. Onboard Global plans to utilize Onramper’s network to connect users with various liquidity providers including Yellow Card, Coinify, Neocrypto, Alchemy Pay, and Localramp. This advancement allows users to fund their accounts via bank transfers or engage in P2P transactions, thereby enhancing their entry points into cryptocurrency. Coinbase has indicated that Nigeria serves as a model for future expansions, with plans for integration into over 50 additional markets worldwide in 2025, which include countries such as Argentina, India, Indonesia, Kenya, the Philippines, and Turkey.

In summary, Coinbase’s collaboration with Onboard Global signifies a pivotal advancement in the accessibility of cryptocurrency trading in Nigeria. By simplifying user verification and providing multiple payment options, it aims to foster a more inclusive financial landscape in the country. As regulatory frameworks in Nigeria continue to develop, this partnership places Coinbase in a strong position to draw in a growing user base seeking secure and affordable trading solutions.

Original Source: www.fxleaders.com