Coinbase has partnered with Onboard Global to simplify cryptocurrency trading in Nigeria through a P2P exchange. Users can now purchase crypto in Naira without ID verification for transactions under $100. This move comes as Nigeria’s regulatory landscape evolves, allowing Coinbase to safely enter the market while also planning further expansions across more countries in 2025.
Coinbase has formed a partnership with Onboard Global to facilitate fast and secure cryptocurrency trading in Nigeria. This collaboration allows users to buy digital assets with Nigerian Naira via a peer-to-peer (P2P) exchange, which enhances accessibility and reduces costs. Notably, the new agreement simplifies the ID verification process, enabling users to trade amounts under $100 without needing to provide identification, thus encouraging new participants in the crypto market.
Historically, Coinbase hesitated to enter the Nigerian market due to potential regulatory challenges. These concerns intensified in early 2024 after the government launched a crackdown on major global exchanges, including Binance, attributing blame for the depreciation of the Naira. However, the recent shift in leadership within Nigeria’s Securities and Exchange Commission indicates a move towards regulatory clarity rather than outright bans, with several local exchanges already receiving operational licenses and more anticipated in 2025.
To adeptly navigate Nigeria’s dynamic regulatory environment, Coinbase has strategically assigned user verification responsibilities to Onboard Global. This partnership allows Onboard Global to manage compliance while simultaneously establishing a P2P trading platform. Additionally, Coinbase’s integration of Base, a layer-2 blockchain based on Ethereum, is designed to lower transaction fees and provide access to over 540 additional tokens, aiming to refine this model before deploying it in other emerging markets.
Furthermore, this partnership broadens the payment avenues available to Nigerian cryptocurrency users. By utilizing Onramper’s network, Onboard Global connects users with different liquidity providers, including Yellow Card, Coinify, Neocrypto, Alchemy Pay, and Localramp. Customers can fund their accounts through traditional bank transfers or purchase from P2P merchants, thus enhancing the entry points into the cryptocurrency ecosystem.
Coinbase has indicated that Nigeria will serve as a pilot market for this innovative payment infrastructure, with plans for expansion into over 50 additional countries in 2025, such as Argentina, India, Indonesia, Kenya, the Philippines, and Turkey. This strategic pivot by Coinbase is seeking to leverage the rising demand for cryptocurrency in emerging markets while mitigating regulatory risks through local partnerships.
In conclusion, Coinbase’s partnership with Onboard Global marks a significant advancement in making cryptocurrency more accessible in Nigeria. By allowing users to trade without ID for small transactions and leveraging local compliance partners, Coinbase aims to tap into Nigeria’s growing crypto market. This initiative not only simplifies user participation but also sets the stage for future expansions into other emerging markets, enhancing overall financial inclusion.
Original Source: www.fxleaders.com
