Crypto Exchange Yellow Card Raises $40M

Pan-African cryptocurrency trade Yellow Card Financial on Monday (Sept.19) introduced the shut of a $40 million Series B funding spherical led by Polychain Capital.

Other members within the spherical included Valar Ventures, Third Prime Ventures, Sozo Ventures, Castle Island Ventures, Fabric Ventures, DG Daiwa Ventures, The Raba Partnership, Jon Weiner, Alex Wilson and Pat Duffy.

In a press release saying the information, the corporate said that the brand new capital might be used to gas progress, develop new merchandise and advance its strategic partnerships throughout Africa.

“For the past three years our team has worked tirelessly to make this technology accessible to anyone and create a world-class product,” Yellow Card CEO and Co-founder Chris Maurice stated within the press launch. “This fundraise in this market not only showcases the resilience of our team but also reiterates the appetite and necessity for cryptocurrency in Africa.”

Since launching in Nigeria in 2019, Yellow Card has sought to make bitcoin, ethereum, stablecoins and different cryptocurrencies accessible to anybody in Africa, per the discharge.

Currently, the Yellow Card platform is accessible in 16 international locations and has been utilized by over 1 million individuals, the corporate stated.

“Yellow Card is the best executing team on the continent. We are impressed by the way they seamlessly adjust and adapt to the unique opportunities and demands of the various African markets. We’ve barely touched the surface of what is possible when it comes to crypto in Africa, and we’re excited for what’s to come,” Polychain Capital Partner Will Wolf stated within the announcement.

As Owen Odia, the Nigeria nation supervisor at international cryptocurrency enterprise Luno, informed PYMNTS, demand for cryptocurrency stays sturdy in lots of African international locations at the same time as central banks within the area roll out their very own digital currencies.

Read extra: Emerging Market Consumers Lukewarm on Value of CBDCs

Like Yellow Card, Luno is trying to democratize crypto entry. The agency hopes to empower at the least a billion individuals by 2030 to make cryptocurrency transactions, Odia stated.

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