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Africa-Focused Crypto Exchange Yellow Card Raises $40 Million via Series B Round – Africa Bitcoin News

Africa-focused crypto trade Yellow Card lately revealed it has closed its $40 million Series B funding spherical. The trade’s announcement of its newest capital elevate comes simply over a year after it raised $15 million from its Series A spherical.

Funds to Be Used for Development of New Products

Yellow Card, an Africa-focused cryptocurrency trade, lately disclosed it had closed its $40 million Series B funding spherical. The crypto trade mentioned it’s going to use the funds raised to finance the event of recent merchandise in addition to to “advance strategic partnerships across Africa.”

According to a press statement, the trade platform’s newest funding spherical was led by Polychain Capital with the participation of 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.

As reported by information in September final year, Yellow Card had raised $15 million in its Series A funding spherical. This spherical was led by Valar Ventures with the participation of Third Prime, Castle Island Ventures, Square, Coinbase Ventures, and Ventures.

Africa’s Appetite for Crypto

Meanwhile, in remarks accompanying the assertion, Chris Maurice, the chief govt officer and co-founder of Yellow Card, mentioned:

For the previous three years, our crew has labored tirelessly to make this technology accessible to anybody and create a world-class product. This fundraise on this market not solely showcases the resilience of our crew but additionally reiterates the urge for food and necessity for cryptocurrency in Africa.

For his half, Will Wolf, a companion at Polychain Capital, praised the Yellow Card crew for the best way it adjusts and adapts “to the unique opportunities and demands of the various African markets.”

According to the crypto trade platform, for the reason that final capital elevate Yellow Card launched operations in 4 extra African international locations: Gabon, Senegal, Rwanda, and the Democratic Republic of the Congo. This brings the variety of African international locations the place Yellow Card has operations to 16.

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, creator and author. He has written extensively in regards to the financial troubles of some African international locations in addition to how digital currencies can present Africans with an escape route.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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