Pan-African crypto exchange, YellowCard, has secured a $15 million Series A investment to expand operations across Africa.
The funding round was piloted by Valar Ventures, Third Prime, and Castle Island Ventures, while other participants in the round included Coinbase Ventures, Square, Blockchain.com ventures, BlockFi, and Polychain Capital.
Acknowledging Africa’s positioning to greatly benefit from the potential that cryptocurrencies have to transform financial services and YellowCard’s capability to harness this potential, Valar Ventures, the lead investors in the round, said,
“What cemented the deal is their multi-national team which we believe has the local knowledge, technical expertise, and unequivocal passion to address the basic financial services needs of the continent.”
Speaking on the crypto exchange’s mission of making cryptocurencies available across Africa and how the round will facilitate this mission, Chris Maurice, CEO and Co-Founder, YellowCard, said,
“Our mission has always been to make cryptocurrency accessible anywhere and everywhere across the African continent.
Now, we have the backing to make that a reality, alongside an amazing team of investors who share our vision.”
YellowCard was launched in Nigeria in 2018 and since then, it has spread across the continent to about 12 markets, recruiting more than 110 employees in 16 countries, and seeing its customer base increase almost 30x since the pandemic.
YellowCard seeks to take advantage of the growth in crypto adoption in Africa — which saw over 1,200% growth according to the 2021 Chainanalysis report — to grow and be available in more African countries, thanks to the funding round.
The exchange supports 14 languages in total, with 10 of them being local African languages.
The exchange platform is available in South Africa, Nigeria, Cameroon, Kenya, Ghana, Rwanda, Uganda, Botswana, Malawi, Zambia, Gabon and Tanzania.
The new YellowCard app is soon to be launched with new features.
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