Yele Bademosi’s Onboard has launched a new product, Onboard Direct, a web app that serves as an off-ramp feature for cashing out stablecoins. The product does not require interaction with the famed Onboard Wallet, which drew attention in September when Bademosi raised $1.9 million from Adaverse, Base, and Hashed Emergent to scale Onboard.

Onboard Direct circumvents crypto’s traditional P2P model to offer users a faster means to move money from stablecoins to naira. Users generate a dedicated wallet address linked to their bank accounts, then send stablecoins to this address to receive the naira equivalent. This helps you “cash out your crypto in three minutes,” Bademosi said in an X post on Thursday night.

Onboard Direct notably combines simplicity and utility in its offering, aligning with Bademosi’s long-held vision of building seamless crypto products that can scale beyond core crypto communities. “I don’t describe Onboard as a crypto app,” the Chief Executive said in an earlier NODO interview. “It’s a money app anyone around the world can use.”

Last month, Onboard launched its USD virtual card, which it promised could be used for international transactions in over 160 countries. The cards are stablecoins funded.

Nigeria’s 2021 ban on crypto drove interest in P2P transactions in the West African nation, which currently records the world's highest P2P exchange traded volume, according to global crypto intelligence outfit Chainalysis.

The P2P model, while providing cover from banks’ punitive measures, exposes users to high risks of constantly evolving scams. Onboard innovates over this and reduces external interactions in the movement of money. But whether the harsh regulatory climate over Nigeria will allow Onboard Direct to scale remains to be seen. Stablecoins, after all, fall within the crypto bracket the Nigerian government has fought to both ban and tax.