Coinbase Wallet and Onboard Global have teamed up to enable secure P2P crypto transactions in Nigeria, leveraging Onboard’s platform and addressing regulatory issues.
Ensuring Secure P2P Crypto Payments
The Nigerian crypto market was initially off-limits for Coinbase due to governmental restrictions, but the new partnership will facilitate secure P2P transactions. Users with transaction values below $100 will be exempt from ID verification.
Base L2 Launched on Ethereum Blockchain
Coinbase Wallet employs Base L2, a new Layer-2 network on Ethereum, offering low-cost and fast transactions. Base L2 supports up to 95 transactions per second and is compatible with over 540 tokens.
P2P Crypto Solutions as an Alternative
Coinbase Wallet's initiative comes amid the SEC's decision to halt a lawsuit against the company for operations without a license. Coinbase aims to strengthen its foothold in Nigeria by offering simple P2P transactions.
Coinbase Wallet’s decision to expand into the Nigerian market with Base L2 could significantly increase crypto adoption in the region and drive competition among foreign exchanges.
