Following this announcement, the partnership will provide Onboard P2P in order to allow Coinbase Wallet customers to purchase crypto using local currency from a network of seller merchants in a secure and fast way, without the need for an ID verification if the purchase is under USD 100 in total.
In addition, both companies will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the local industry as well.
Coinbase did not previously offer crypto buying and selling services for customers in the region of Nigeria, as governing bodies prohibit transactions with certain high-risk regions. According to officials of the company, the partnership will allow for this risk to be handled by Onboard, which will provide verification and an overall secure P2P expense platform for trades to take place. At the same time, the solution is expected to shield Coinbase from any regulatory risk. If the amount is below USD 100, Nigerian customers will be given the possibility to buy crypto on Coinbase without KYC, a process that will unblock them from accessing crypto.
Base, a layer-2 blockchain network developed by Coinbase, will also be included in the partnership, aimed at providing a scalable, low-cost protocol that supports crypto transactions. As Base was developed on the Ethereum blockchain, users can assess more than 540 more tokens on the network. In addition, Onboard Global, a portfolio company of Nestcoin, will also offer different options for users to buy crypto, as it partners with Onramper to allow customers to buy crypto from different liquidity providers like Yellow Card, Coinify, Neocrypto, Alchemy Pay, and LocalRamp. They will be enabled in orders to make bank transfers to fund virtual accounts or buy from P2P merchants as well.
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