Coinbase-backed Onboard 3.0 attracts 10k users two months after launch

Onboard, the cryptocurrency wallet company, has added 10,000 new users just two months after launch as adoption grows across the continent.

CEO Yele Bademosi said the company now plans to expand into Indonesia, integrate Apple Pay and Google Pay for tap-to-pay, and roll out physical cards.

Quick facts 

• In July, Onboard announced the launch of a new version of its app, Onboard 3.0.
• The newer version enabled its users to open and maintain United States dollar (USD) accounts, receive payments in USD and stablecoins and withdraw to their bank accounts in their local currency. 
• This was in addition to the existing crypto exchange, DeFi wallet and virtual USD cards, which the firm has launched at various points in the past. 

Dive deeper 

• Yele Bademosi, Onboard’s CEO and founder of blockchain startup Nestcoin, told Mariblock that Onboard 3.0 is designed to make crypto easier to use for people who aren’t crypto-native.
• He explained that the firm wanted to reach everyday people through familiar channels for daily transactions, instead of forcing them to navigate the complexities often tied to crypto.
• Bademosi said: 

“Onboard 3 is the final step in bringing traditional users on-chain. Our biggest insight was: instead of asking people to come on-chain, why not meet them where they already are?” 

• This led to the creation of Onboard 3.0, which brings multiple features into a single platform, allowing users to manage both crypto and fiat without switching between apps.
• Bademosi described the new version as more of a fintech app rather than a crypto exchange, adding that while the app is maintaining some of the same functions and features, the user experience is now more familiar to users. 

“Onboard 3.0 really is a fintech app, more than a crypto wallet. We are building a global USD account that you can fund with USD or stablecoins, spend with your virtual card, and convert to your local currency. It provides the same functionalities and features, but in a new experience that makes it much more accessible to everyday people.” 

How it works 

• Onboard is licensed in Europe as a virtual assets service provider and in Canada as money services business, allowing it to process crypto and fiat transactions at the same time. 
• According to Bademosi, these licenses help the firm stay compliant across multiple jurisdictions and partner with on-the-ground organizations to cover the consumer-facing aspect of its operations.

“[The licenses] allow those to be a payment service provider, build with virtual currencies, do currency exchange and allows us to do money transfer. When you combine those two licenses, it then means that we can work with a whole host of global partners and providers that allows us to what we do on the user interface side of things.” 

• When asked about how the firm manages liquidity in different currencies, Bademosi said:  

“The licenses allow you to be able to deal with stablecoins, partner with players who do currency exchange and FX into multiple currencies without us having to deal with liquidity issues on our end.” 

Zoom out 

• Global regulations are shaping up, and more blockchain products are emerging.
• However, regulations in African countries are slow to catch up, and this has been named as a major barrier to adoption on the continent. 
• Last year, Sub Saharan Africa’s largest crypto market, Nigeria, through its Security and Exchange Commission (SEC), asked VASPs in the country to apply for admission into its incubatory program. 
• Subsequently, it issued provisional licenses to two firms — Busha and Quidax — but has gone silent since and has not approved any other crypto companies. 
• Earlier in the year, the SEC said it delayed the issuance of new licenses because it needed to do more due diligence. 
• South Africa remains the most advanced African country in instituting regulations, having licensed 248 firms as of January 2025.