Coinbase Wallet has launched a no-KYC P2P crypto solution in Nigeria through integration with Onboard Global. This allows quick local currency transactions and bypasses previous limitations, facilitating broader cryptocurrency access. Purchases under $100 can be made without ID verification, although security concerns with unverified transactions persist. The initiative is part of Coinbase’s global expansion strategy, hoping to extend these services to over 50 countries soon.
Coinbase Wallet has integrated with Onboard Global, a Nestcoin product, to enhance cryptocurrency purchases for Nigerians via peer-to-peer exchanges, marking a significant improvement over Coinbase’s previous limitations in the region. Previously, Coinbase only allowed sending, receiving, and converting crypto without full access to cryptocurrency features due to restrictions imposed by regulatory authorities on high-risk regions. This partnership enables Onboard to manage compliance requirements, facilitating Coinbase’s expansion while adhering to regulations.
Nigerians can now execute transactions quickly using local currencies through the Onboard P2P platform, with transactions under $100 exempt from ID verification, expediting the buying process. The Onboard Wallet merges the advantages of centralized and decentralized platforms, providing improved asset management compared to traditional exchanges and allowing for streamlined onboarding without involving third-party services. This development aligns with Onboard’s mission to create accessible crypto trading experiences, now supported by Coinbase Wallet.
User reactions on Onboard’s platform have been generally positive, although concerns regarding security from the absence of KYC (Know Your Customer) procedures have been voiced. One user, Juliet, commented, “I’m happy about this announcement because KYC can be unnecessarily stressful.” Nigeria is leading the implementation of this peer-to-peer exchange, with plans to expand to more than 50 countries, including Argentina, India, Indonesia, and Kenya, over the next year.
While questions about transaction security linger, particularly concerning interactions between unverified users, Onboard has not yet specified its security measures but emphasizes an efficient transaction experience. The platform offers features such as a seedless wallet and direct bank transfers, which avoid reliance on centralized exchanges. Onboard has gained traction since its September 2024 rebranding and significant funding, including $1.9 million from Coinbase Ventures and strategic partners.
Coinbase’s strategy in Nigeria highlights its “Go Broad, Go Deep” initiative, balancing global outreach with tailored services in markets with established cryptocurrency regulations. This allows Nigerians to purchase cryptocurrency effortlessly using local payment methods through the “Pay with Onboard P2P” feature, linking them with sellers for rapid delivery of crypto assets. Despite lingering security concerns over KYC-free trading, escrow measures are in place to provide protection during transactions, demonstrating a shift towards blockchain technology in Nigeria.
The integration of Coinbase Wallet with Onboard Global in Nigeria represents a pivotal moment in facilitating easier cryptocurrency access through P2P exchanges. This collaboration alleviates previous limitations, permitting rapid trades without stringent ID verification and leading to significant market expansion plans. While security concerns with KYC-less transactions remain, users can benefit from streamlined trading experiences, positioning Nigeria at the forefront of cryptocurrency evolution.
Original Source: thecondia.com
