Coinbase Partners to Expand Digital Asset Access in Africa

Hi NoRamp Community,

Daily News:

1) Coinbase Partners to Expand Digital Asset Access in Africa

2) GameStop to Shut Down NFT Marketplace

3) PayPal, Samsung Join LatAm FinTech Prometeo’s $13 Million Series A

4) GoCardless & JustGiving Revolutionize Charitable Donations

5) Truelayer Joins SEPA Payment Account Access Scheme

Coinbase Partners to Expand Digital Asset Access in Africa:

• Coinbase, a major crypto exchange, is entering African markets through a partnership with local stablecoin exchange Yellow Card, expanding its product access to customers in 20 African countries.

• This collaboration aims to empower Africans, particularly the young population, by offering easy access to stablecoins like USD Coin (USDC), providing an alternative to volatile local currencies and enabling connection to the global financial system.

• The partnership focuses on benefiting small and medium enterprises (SMEs) in Africa by facilitating cross-border growth and financial transactions. It also addresses the high volatility of crypto assets in the region, offering a stable alternative with USDC, which users can transfer without fees on various platforms, including WhatsApp.

GameStop to Shut Down NFT Marketplace:

• GameStop has announced it will phase out its NFT marketplace next month, citing ongoing regulatory uncertainty in the crypto space as the primary reason.

• Despite the closure of the NFT platform, GameStop assures users that their existing NFTs will not be affected. This decision is part of a broader reduction in the company's crypto offerings.

• The move follows previous steps to diminish crypto services, including discontinuing access to certain wallets and a shift away from crypto focus after a significant net loss and staff layoffs from its digital assets department. CEO Matt Furlong emphasizes caution to avoid risking investor funds amidst crypto optimism.

PayPal, Samsung Join LatAm FinTech Prometeo’s $13 Million Series A:

• Prometeo, a Uruguay-based FinTech infrastructure company, has raised $13 million in Series A funding, led by Antler Elevate, with participation from PayPal Ventures, Samsung Next, and others.

• The company plans to use the capital to expand its multi-banking data and payments offerings across Latin America, aiming to unify the region's diverse financial technology infrastructures under a single API.

• Prometeo's platform enables clients to access bank information and execute payments across 283 financial institutions in 10 Latin American countries. The company focuses on safety and compliance, catering to both large corporations and high-growth startups. This development aligns with the digital banking revolution in Latin America, where there is a growing demand for digital and instant payment systems.

GoCardless & JustGiving Revolutionize Charitable Donations:

• GoCardless and JustGiving are expanding their partnership, with GoCardless becoming JustGiving’s exclusive open banking payment provider, replacing American Express.

• The collaboration will leverage GoCardless’ Instant Bank Pay for immediate, one-off donations and continue using its Direct Debit system for recurring donations, aligning with JustGiving's commission-free model and reliance on optional donor tips.

• This partnership aims to enhance the donation process, increase the use of open banking payments, and ensure more funds reach charitable causes. The integration of GoCardless' payment solutions offers more choice, lower costs, and reduced fraud, contributing to greater efficiency in fundraising.

Truelayer Joins SEPA Payment Account Access Scheme:

• TrueLayer has become the first participant in the SEPA Payment Account Access Scheme (SPAA), marking a significant development in open banking and offering new opportunities for growth and innovation.

• SPAA goes beyond the requirements of the EU's PSD2, introducing features that enable European banks to monetize their investment in open banking APIs and be compensated for access to these technologies.

• The scheme, initiated by the European Payments Council and the European Retail Payments Board in 2021, aims to promote the adoption of account-to-account payments, provide an alternative to traditional card companies, and establish the EU as a leader in the digital payments space. TrueLayer's involvement reflects its commitment to advancing payments innovation in Europe.

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