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Coinbase has partnered with Onboard Global to offer Nigerian users secure and efficient cryptocurrency trading.
Shielding Coinbase from Regulatory Risk
Coinbase and Onboard Global have partnered to provide secure and efficient cryptocurrency trading for Nigerian users. The collaboration enables the purchase of cryptocurrency with local currency through a peer-to-peer (P2P) exchange, with streamlined verification and lower fees. For users purchasing cryptocurrency worth $100 or less, identity (ID) verification is not required.
According to a report, Coinbase had previously avoided the Nigerian market, deeming it high-risk. Furthermore, starting in the first half of 2024, Nigerian authorities clamped down on global cryptocurrency exchanges such as Binance, accusing them of fueling the local currency’s collapse.
However, since the appointment of new leadership at Nigeria’s Securities and Exchange Commission, the West African nation is moving to regulate the cryptocurrency industry. So far, two local digital asset exchanges have received operating licenses from the securities regulator, which has promised to approve more exchanges in 2025.
Meanwhile, Coinbase officials said the partnership will transfer risk management to Onboard Global, which will provide verification and a secure peer-to-peer (P2P) trading platform. The solution is expected to shield Coinbase from regulatory risk. Base, a layer-2 blockchain network developed by Coinbase, will be part of the partnership, aimed at providing a scalable, low-cost protocol for cryptocurrency transactions. Built on the Ethereum blockchain, Base allows users to access more than 540 additional tokens.
Additionally, Onboard Global will offer various options for users to buy cryptocurrency by partnering with Onramper. This collaboration enables customers to purchase cryptocurrency from multiple liquidity providers, including Yellow Card, Coinify, Neocrypto, Alchemy Pay and Localramp, using bank transfers to fund virtual accounts or by buying from peer-to-peer (P2P) merchants.
According to a Coinbase statement, Nigeria is the first of many countries where its wallet offers easier access to Onboard’s peer-to-peer exchange. For its part, Onboard is aiming to enable its payment option in more than 50 countries in the coming year, with support coming soon for Argentina, India, Indonesia, Kenya, the Philippines and Turkey.
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