Sunday, July 21, 2024

Yellow Card, an exchange platform specializing in cryptocurrency within Africa, has recently announced a collaborative agreement with Moonpay. The aim of this partnership is to “optimize and enrich the experience of purchasing cryptocurrencies for Nigerians by utilizing local bank transfers.” Both Yellow Card and Moonpay are confident that this alliance will significantly improve the landscape of cryptocurrency accessibility in Nigeria, making it more user-friendly for the populace.

Following the directive from the Central Bank of Nigeria (CBN) that financial institutions should refrain from including cryptocurrency-related businesses in their banking services, Nigerians have had to explore alternative avenues for buying and trading digital assets. Peer-to-peer transactions have consequently risen as one of the most popular methods for this purpose.

In a press release dated September 12, Yellow Card disclosed that this new collaboration will enable Nigerians “to participate in peer-to-peer cryptocurrency transactions with unparalleled convenience.” The exchange further highlighted that by facilitating transactions through local bank transfers, they are effectively mitigating the challenges that typically arise when purchasing cryptocurrencies via traditional banking systems.

Uzoma James, the Regional Manager for West Africa at Yellow Card, articulated the broader vision behind the venture:

“Central to our organization’s ethos is the conviction that universal access to the transformative power of cryptocurrencies should be made possible. In partnering with Moonpay, our objective is to dismantle the impediments that have hitherto prevented Nigerians from fully engaging in the cryptocurrency economy. Collectively, we strive to make the process of cryptocurrency trading as straightforward, instinctual, and universally accessible as possible.”

On a similar note, Ivan Soto-Wright, the Co-founder and Chief Executive Officer of Moonpay, expressed that through the backing of local bank transfers, both Moonpay and Yellow Card are poised to “unleash vast possibilities for cryptocurrency users in Nigeria.”

To keep abreast of developments in the African cryptocurrency sector, subscribe to our weekly newsletter by registering your email below.

African Cryptocurrency Digest

A summary of the week’s most impactful cryptocurrency news

Subscribe

We invite you to share your insights and opinions on this development in the comments section below.

Frequently Asked Questions (FAQs) about Yellow Card and Moonpay Collaboration in Nigeria

What is the primary objective of the partnership between Yellow Card and Moonpay?

The primary objective of the collaboration between Yellow Card and Moonpay is to optimize and enrich the experience of purchasing cryptocurrencies for Nigerians by utilizing local bank transfers. The partnership aims to make cryptocurrency trading more straightforward, instinctual, and universally accessible.

How does this partnership impact the landscape of cryptocurrency accessibility in Nigeria?

The collaboration between Yellow Card and Moonpay is expected to significantly improve the landscape of cryptocurrency accessibility in Nigeria. By facilitating transactions through local bank transfers, they are effectively mitigating the challenges that typically arise when purchasing cryptocurrencies via traditional banking systems.

What alternatives have Nigerians been using to buy and trade cryptocurrencies?

Following the directive from the Central Bank of Nigeria (CBN) to exclude cryptocurrency-related businesses from traditional banking services, peer-to-peer transactions have emerged as one of the most popular methods for Nigerians to buy and trade cryptocurrencies.

Who is Uzoma James and what does he say about this collaboration?

Uzoma James is the Regional Manager for West Africa at Yellow Card. He has articulated that central to the company’s ethos is the belief that everyone should have universal access to the transformative power of cryptocurrencies. The partnership with Moonpay aims to dismantle the impediments that have prevented Nigerians from fully engaging in the cryptocurrency economy.

What did Ivan Soto-Wright, the CEO of Moonpay, comment on the partnership?

Ivan Soto-Wright, the Co-founder and Chief Executive Officer of Moonpay, expressed that by supporting local bank transfers, both Moonpay and Yellow Card are poised to unleash vast possibilities for cryptocurrency users in Nigeria.

How can one stay updated on developments in the African cryptocurrency sector?

To stay abreast of developments in the African cryptocurrency sector, one can subscribe to a weekly newsletter that offers a summary of the week’s most impactful cryptocurrency news. Registration typically involves providing an email address for updates.

Are there any other similar partnerships that Yellow Card or Moonpay have entered into?

The text does not provide information on any other similar partnerships that Yellow Card or Moonpay may have entered into.

More about Yellow Card and Moonpay Collaboration in Nigeria

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

7 comments

WilliamEco September 14, 2023 - 11:38 pm

Eliminating barriers is key. glad to see companies finally stepping up to make crypto more accessible to the masses.

Reply
SandraTech September 15, 2023 - 5:16 am

Looks like Yellow Card and Moonpay are makin some real moves. curious to see how this pans out.

Reply
CryptoFan101 September 15, 2023 - 9:06 am

yellow card is becoming a big player in Africa, keep an eye on them. this could be a game changer.

Reply
Tim_NG September 15, 2023 - 9:36 am

As a Nigerian, am excited about this. easier crypto access is what we need right now.

Reply
MikeJones92 September 15, 2023 - 11:12 am

Wow, this is big for Nigeria, finally some good news for crypto there. Hopefully the govt won’t screw this up too.

Reply
JennyFinance September 15, 2023 - 1:44 pm

Peer to peer was already on the rise, but this partnership will definitely accelerate things. Nigeria’s crypto scene is heatin up.

Reply
BlockchainBeliever September 15, 2023 - 2:20 pm

The involvement of local banks is pretty strategic. It’s high time they adapted to the crypto world.

Reply

Leave a Comment

* By using this form you agree with the storage and handling of your data by this website.

Follow us

CryptokenTop

CrypTokenTop is a website dedicated to providing comprehensive information and analysis about the world of cryptocurrencies. We cover topics such as Bitcoin, Ethereum, NFTs, ICOs, and other popular crypto topics. Our mission is to help people learn more about the crypto space and make informed decisions about their investments. We provide in-depth articles, analysis, and reviews for beginners and experienced users alike, so everyone can make the most out of the ever-evolving world of cryptocurrency.

© 2023 All Right Reserved. CryptokenTop