Russ Cohen

Coinbase Expands To Africa, Closes Partnership With Stablecoin Exchange Yellow Card Coinbase Makes Inroads in Africa Via Partnership with Yellow Card

Coinbase Global
COIN embarks on a mission to set foot inAfrica.

The Move: Coinbase is forming a crucial alliance with the African stablecoin exchange Yellow Card to extend its range of products in emerging markets.

The venture is set to debut in 20 African countries starting in February 2024.

Through this collaboration, over 50% of Africa’s populace will gain access to USDC purchases via the Coinbase wallet app.

Users can transfer stablecoins without incurring fees through email and popular social messaging platforms like WhatsApp, iMessage and Telegram. Coinbase’s Layer-2 blockchain Base can be used to procure USDC and enable cheaper transactions.

This strategic move aligns with Coinbase’s “Go Broad, Go Deep” international expansion strategy. Africa’s immense young population is poised to reap the rewards of cryptocurrency. Reports indicate that over 70% of global crypto owners are under the age of 34.


Yellow Card secured $1.5 million in a seed round in August 2020, followed by $15 million in a Series A round in 2021 and $40 million in a Series B round in September 2022.

Significance: Market sentiment is riding high on the momentous approval of the Spot Bitcoin ETF, as evidenced by a Wedbush report reaffirming its outperformance rating on Coinbase. The firm upped its price target for the stock to $180 from $110, attributed to the company’s leading role in these ETFs.

Mizuho Securities also views the approval as a “pyrrhic victory for COIN.”

Coinbase disclosed last week that it is in the process of acquiring a MiFID-licensed entity to broaden its derivatives offering in the European Union. Upon regulatory clearance, the deal is expected to be finalized in 2024.

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