Coinbase Expands To Nigeria With Onboard Global Partnership

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Coinbase partners with Onboard Global to provide secure and efficient cryptocurrency trading for its Nigerian users.

Protect Coinbase from regulatory risks

Coinbase and Onboard Global are partnering to provide secure and efficient cryptocurrency trading to Nigerian users. This collaboration allows you to purchase cryptocurrency in your local currency through peer-to-peer (P2P) exchanges with streamlined verification and lower fees. For users who purchase cryptocurrency under $100, ID (ID) verification is not required.

Coinbase previously eschewed the Nigerian market, but viewed it as high risk, according to the report. Furthermore, starting in the first half of 2024, Nigerian authorities have slammed global cryptocurrency exchanges such as Binance for fueling the collapse of local currency.

However, since the appointment of a new leader at Nigeria’s Securities and Exchange Commission, West African countries have been moving to regulate the cryptocurrency industry. So far, two local digital asset exchanges have received business licenses from securities regulators and are committed to approving more exchanges in 2025.

Meanwhile, Coinbase officials say the partnership will transfer risk management on-board globally, providing a verification and a secure peer-to-peer (P2P) trading platform. This solution is expected to protect Coinbase from adjustment risks. Base, a Layer-2 blockchain network developed by Coinbase, is part of a partnership aimed at providing scalable, low-cost protocols for cryptocurrency transactions. On a base built on top of the Ethereum blockchain, users can access over 540 additional tokens.

Additionally, Onboard Global will partner with Onramper to offer a variety of options for users to purchase cryptocurrency. With this collaboration, customers can purchase cryptocurrency from multiple liquidity providers such as Yellow Card, Coiny, Necrypt, Alchemy Pay, and Local Ramp, and either fund virtual accounts using bank transfers or by purchasing peer-to-peer (P2P) merchants.

Nigeria is the first country in many countries where wallets can easily access onboard peer-to-peer exchanges, according to a Coinbase statement. Onboard aims to enable payment options in more than 50 countries next year, with support coming soon from Argentina, India, Indonesia, Kenya, the Philippines and Turkey.