Coinbase Wallet has announced an integration with Onboard Global, a product of Nestcoin, to provide Nigerians with an easier pathway to cryptocurrency purchases through peer-to-peer exchanges.
This is a big step considering Coinbase’s previous limitations in Nigeria. While Coinbase accounts could be used to send, receive, and convert crypto, full cryptocurrency features were not previously available to Nigerians, with the company citing that governing bodies “prohibit transactions with certain high-risk regions.”
This clever workaround allows Onboard to shoulder the compliance burden, creating a buffer that enables Coinbase to expand while staying within regulatory boundaries.
Using the Onboard P2P platform, Nigerians can now complete transactions in minutes using local currency, with purchases under $100 requiring no ID verification.
Onboard Wallet combines both centralised and decentralised models. The platform offers greater asset control than traditional exchanges like Bybit and on/off ramping without relying on third-party integrations.
This streamlined P2P trading experience underscores Onboard’s vision for accessible crypto transactions—a vision now further boosted by its integration with Coinbase Wallet in Nigeria.
Some Onboard users reacted enthusiastically to the news. “I’m happy about this announcement because KYC can be unnecessarily stressful,” said Juliet an Onboard user who’s been actively using the platform in the past seven months.
Nigeria is the first market where Coinbase Wallet is enabling access to Onboard’s peer-to-peer exchange. The company hopes to roll out its payment option in over 50 countries within the next year, with Argentina, India, Indonesia, Kenya, the Philippines, and Turkey among the first in line.
The integration has raised questions about security, particularly around transactions between unknown individuals without KYC verification.
While Onboard hasn’t detailed specific safeguards, it promises a seamless experience with a seedless wallet and direct bank transfers, bypassing centralized exchanges, according to previous Nestcoin announcements.
Onboard’s expansion has been gaining momentum since September 2024, when it rebranded and secured major backing from Coinbase Ventures and LAVA. That same month, Nestcoin raised $1.9 million in strategic funding, with contributions from Hashed Emergent, the Base Ecosystem Fund, Adaverse, and others.
Coinbase’s move in Nigeria is part of its broader “Go Broad, Go Deep” strategy, which blends global expansion with localized services in markets with clear crypto regulations. While “Go Broad” rolls out foundational tools like Coinbase Wallet worldwide, “Go Deep” tailors crypto services to select regions.
Nigerians using Coinbase Wallet can now buy crypto seamlessly with local payment options by selecting “Pay with Onboard P2P,” an option that connects them with sellers and delivers crypto within minutes.
Security concerns linger with KYC-free trades, but escrow protections offer some reassurance. Nigeria’s on-chain shift challenges traditional finance, as Coinbase expands its services in the region.
