Yellow Card, a pan-African cryptocurrency exchange, has announced a $15 million (£11 million) Series A funding round, the biggest ever raised by an African cryptocurrency firm. This fund investment is aimed to expand Yellow Card’s employment and expand its operations throughout the continent.
The profound funding process was led by Valar Ventures, Third Prime, and Castle Island Ventures, with additional investment coming from companies such as Square, Inc. and blockchain venture capital firms such as Coinbase Ventures, Polychain Capital, Raba Partnership, Fabric Ventures and GreenHouse Capital.
Yellow Card’s co-founder and CEO, Chris Maurice, has spoken on the importance of this round of financing for the company’s future. He said that their goal has always been to make cryptocurrencies available to everyone on the African continent.
He also said that after this, they will definitely have the financial support to make it a reality, as well as an incredible team of investors who believe in Yellow Card’s mission.
Yellow Card has also developed its own app where it’s now possible for anybody in Africa, to purchase cryptocurrency using cash, mobile money, credit card, or bank transfer.
Since debuting in Nigeria in 2018, the Yellow Card team, which is composed of members from the United States and Africa, has worked to make cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and USDT Stablecoin available to everyone in Africa.
This Investment Will Lead To More Prospect & User Engagement
With a presence in more than 10 nations such as South Africa, Tanzania, Botswana and Cameroon, the business now has the biggest geographical footprint on the continent, thanks to a roughly thirty-fold increase in users throughout Africa since the outbreak of the COVID-19 pandemic.
African countries, according to James Fitzgerald of Valar Ventures are positioned to gain enormously from the potential of cryptocurrencies to revolutionise financial services.
“Yellow Card’s concept of a Pan-African cryptocurrency platform is one in which we believe will be a successful business model. It was their multi-national team that sealed the sale, which we think has the necessary local knowledge and technological skills, as well as an unwavering commitment to meeting the continent’s fundamental financial services requirements,” he continued.
African Countries Are Among Those Which Highly Support Crypto Adoption
Earlier this month, a new study from Chainalysis revealed that six African countries were among the top 20 most crypto-adopting countries in the world. The study is done according to the Global Crypto Adoption Index.
Hence, Yellow Card has always worked hard to make many more people aware that Africa should be seen as a major area for cryptocurrency adoption.
According to the company, the recent fundraising should serve as a confirmation that Africa has a significant role to play in the cryptocurrency sector. The access that Yellow Card provides, backed by the funds raised, will allow crypto to flourish and serve as a dependable facilitator for individuals all around the world.
You can visit https://yellowcard.io/ to buy and sell Bitcoin, Ethereum or USDT right now, or download the app from Google Play or the Apple App Store to get started!