Yellow Card, a pan-African cryptocurrency exchange, has raised $15 million in a Series A round, the most ever raised by an African cryptocurrency exchange.
The round was led by Valar Ventures, Third Prime, and Castle Island Ventures with participation from Square, Inc., Blockchain.com Ventures, Coinbase Ventures, Polychain Capital, BlockFi, Fabric Ventures, Raba Partnership, MoonPay, GreenHouse Capital, and more.
Since its launch in Nigeria in 2018, the Yellow Card team has worked to make cryptocurrencies such as Bitcoin, Ethereum, and USDT Stablecoin available to anybody in Africa. With a presence in 12 nations, 110 staff spread over 16 countries, and a roughly 30X growth in users throughout Africa since the Pandemic began, the company now has the greatest geographical footprint on the continent.
Yellow Card’s co-founder and CEO, Chris Maurice, spoke on the importance of this round of funding for the company’s future.
“Our mission has always been to make cryptocurrency accessible anywhere and everywhere across the African continent,” Maurice said. “Now, we have the backing to make that a reality, alongside an amazing team of investors who share our vision.”
This announcement follows Chainalysis’ recent research, which ranked six African countries among the top 20 on the Global Crypto Adoption Index. Yellow Card wants everyone to realize that Africa is a key location for cryptocurrency adoption.
The new funding will be used to increase the company’s workforce and expand across the continent.
Source: Nairametrics
