In July, Onboard introduced a revamped version of its platform, referred to as Onboard 3.0, which consolidates payment management for both cryptocurrency and fiat in a single application. The firm has reported a significant influx of new users, adding 10,000 within just two months post-launch, signaling a growing acceptance of its services across various regions, particularly in Africa.
CEO Yele Bademosi announced that following this successful surge in user adoption, Onboard intends to expand its reach into Indonesia. The company is also planning to integrate popular payment solutions such as Apple Pay and Google Pay, in addition to rolling out physical cards to enhance user experience and convenience.
Onboard 3.0 allows users to create and manage accounts in United States dollars (USD), facilitating the receipt of payments in both USD and stablecoins. It also offers options for withdrawing funds to local bank accounts, enhancing accessibility for users who may not be fully versed in cryptocurrency transactions.
Bademosi emphasized that the intent behind Onboard 3.0 is to simplify crypto usage for those who are not “crypto-native.” He stated, “Instead of asking people to come on-chain, why not meet them where they already are?” This philosophy led to the development of a platform that aggregates numerous functionalities, enabling users to handle crypto and fiat transactions without the need to switch between different applications.
The CEO further classified the new version as more of a fintech application than a conventional crypto exchange. While retaining essential functionalities and features, Onboard 3.0 aims to provide a familiar user experience that mirrors traditional financial services. Bademosi articulated the platform’s capabilities, saying, “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.”
Legally, Onboard operates under licenses in Europe and Canada, categorizing it as both a virtual assets service provider and a money services business. These licenses empower Onboard to conduct both crypto and fiat transactions simultaneously, fostering compliance across various jurisdictions. This regulatory framework facilitates partnerships with local organizations, thereby enhancing the user experience.
Regarding liquidity management in multiple currencies, Bademosi noted that the company’s licenses enable collaboration with external partners who specialize in currency exchange and financial transfers, alleviating any liquidity concerns internally.
Despite Onboard’s advancements, the regulatory landscape in Africa presents significant challenges. Slow-moving regulations in various countries have been recognized as key obstacles to cryptocurrency adoption on the continent. For example, Nigeria’s regulatory body initiated an incubatory program for virtual asset service providers (VASPs) last year but has been hesitant to approve additional firms since granting provisional licenses to just two.
Conversely, South Africa has made strides in this regard, having licensed 248 firms as of January 2025, positioning itself as the most advanced nation in terms of crypto regulation within the continent. As global regulations continue to evolve, the emergence of new blockchain products could hold the potential to reshape the financial landscape.
