Coinbase Wallet integrates Onboard P2P for crypto purchases in local currency
The feature is available in Nigeria with sights set on more than 50 countries within the year.
Coinbase Wallet, an American cryptocurrency company, has partnered with the crypto exchange Onboard to enable Nigerian users to buy crypto assets on Coinbase’s self-custodial wallet using Onboard’s peer-to-peer service.
Key context
- Reports from February 2024 indicate that Nigerian authorities attempted to block access to major cryptocurrency exchanges, including Coinbase, Binance, and Kraken, as part of increased regulatory efforts.
- Despite these attempts, Coinbase reported that its platform remained accessible to Nigerian users during that period.
The details
- Through the partnership with Onboard, Coinbase Wallet will now facilitate crypto purchases, with Onboard handling verification and providing a secure P2P exchange platform.
- According to the announcement, Nigerians can buy crypto on Coinbase Wallet without KYC for transactions under $100, expanding access within regulatory limits.
Driving the news
- Coinbase announced on social media the fiat onramp feature will begin its rollout in Nigeria and expand to other countries.
- Following the Nigeria rollout, the platform aims to expand into Kenya and more than 50 other countries in the next 12 months.
- To support this expansion, Onboard is inviting individuals in these countries to sign up as agents to facilitate transactions.
How it works
- To purchase crypto with their local currencies on Coinbase Wallet via Onboard, users select the desired assets to purchase and then get matched to Onboard agents in the region.
- As is typical with P2P platforms, Onboard serves as an escrow between the buyer and the agent, releasing the funds to the agent and the assets to the buyer when trade requirements are met.
- Buyers get the option to deposit their local currencies to make the purchase and then receive the cryptocurrency equivalent in as little as five minutes, Coinbase Wallet said.
Key quote
- Yele Bademosi, CEO of Onboard, tweeted:
“I’m excited to announce that @OnboardGlobal has been integrated into @CoinbaseWallet to become the global onramp to the onchain economy with @base. We’re kicking off in Nigeria, where users can now buy crypto on Coinbase Wallet using NGN. Next up are Kenya, India, Indonesia, Argentina, Philippines, Turkey.”
1/ I’m excited to announce that @OnboardGlobal has been integrated into @CoinbaseWallet to become the global onramp to the onchain economy with @base
— yele is onboard 🌐 (@YeleBademosi) February 24, 2025
Now, more users can get onchain:
💵 with as little as $0.50
⚡ in less than 3 minutes
💰 at near-zero fees https://t.co/29xjymJ9XS
Key context
- Crypto-to-fiat conversion has long been a challenge for Africans, with global decentralized platforms offering limited, complex options.
- In Nigeria, forex and central bank restrictions made card purchases for crypto nearly impossible, forcing users to rely on peer-to-peer (P2P) exchanges to buy stablecoins.
- The naira’s rapid devaluation in early 2024 led to a government crackdown on major P2P platforms like Binance and KuCoin, making crypto access even harder.
- With fewer options available, users resorted to complex workarounds or over-the-counter vendors to convert naira into crypto.
Before now
- In the last few years, a few platforms have looked to simplify the fiat-to-crypto onramp bottlenecks.
- In 2023, blockchain software maker, Consensys, partnered with payments company, MoonPay to allow users purchase crypto directly through their bank accounts.
- Due to regulations, MoonPay no longer supports naira deposits on its platform.
- In a similar fashion to its partnership with Onboard, Coinbase Wallet integrated Yellow Card’s payment infrastructure to allow its African users buy bitcoin and USDC via the wallet.
