On Tuesday, Coinbase, a global crypto giant, announced a partnership with Onboard Global, a crypto payments platform, to enable Nigerian users to buy and sell cryptocurrencies seamlessly.
This move comes one year after Nigeria’s regulatory issues with Binance, the world’s largest crypto exchange, opened up the market to alternative crypto exchanges.
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Onboard P2P platform facilitates Nigerian crypto access
The partnership allows Nigerian users to access cryptocurrencies through Onboard’s peer-to-peer (P2P) exchange platform.
This platform connects buyers with local sellers, facilitating secure trades without lengthy verification processes.
Users can purchase cryptocurrencies without ID verification for transactions under $100, making it more accessible for Nigerians to enter the crypto market.
As Coinbase noted, “With Onboard P2P, Coinbase Wallet users can purchase crypto using local currency from a network of seller merchants in as little as 5 minutes, with no need for ID verification if you buy under $100 in total”.
Onboard vets and recruits merchants to its platform, allowing them to reach a larger audience through Coinbase.
This integration is part of a broader strategy to expand access to cryptocurrencies globally. Nigeria is the first of many countries where Coinbase Wallet is offering Onboard’s P2P exchange services.
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This partnership integrates Coinbase’s Base for scalable crypto
The partnership also involves using Base, a layer-2 blockchain network developed by Coinbase. The base provides a scalable and low-cost protocol that supports a wide range of cryptocurrencies, including Ether (ETH), USD Coin (USDC), Dai (DAI), and over 540 other tokens.
Built on the Ethereum blockchain, Base can process up to 95 transactions per second when uncongested, making it faster than most protocols.
This integration positions Coinbase as a major player in the Nigerian crypto market, potentially influencing competition among other foreign exchanges operating in the country.
Onboard Global’s collaboration with other figures in the blockchain space, such as Jesse Pollak and Yele Bademosi, aims to integrate Nigeria into the blockchain ecosystem further, potentially boosting cryptocurrency adoption and trading activity in the region.
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