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Crypto exchange Yellow card raises $40 million to support crypto adoption in Africa

According to the media platform news, released on September 19, the Nigeria-origin cryptocurrency exchange Yellow Card Financial has completed the $40 million Series B investment round that it needed to propel the next wave of crypto adoption across Africa.

The Yellow Card released, the Pan-African cryptocurrency startup’s Series A fundraising round, which concluded in August 2021, was boosted by a cash inflow led by US-based investment firm Polychain Capital. 

The platform completed $15 million in funding from investors and has now raised over $57 million to lead the fundraising board for crypto firms across the continent.

Yellow Card investors included Third Prime Ventures, DG Daiwa Ventures, Valar Ventures, Castle Island Ventures, The Raba Partnership, Jon Weiner, Sozo Ventures, and others who participated in Yellow Card’s most recent investment round.

Yellow card Financial to drive Crypto adoption in Africa

Yellow card to support crypto adoption

The money will help the firm to rapidly expand the business, maintain its successful pan-African expansion across continents, create new products, and develop strong partnerships across Africa.

As per Chris Maurice, CEO and co-founder of Yellow Card, the money represents an endorsement of the group and the products. Additionally, it also shows how widely accepted cryptocurrency is throughout the continent.

Despite the crypto winter, which has caused several crypto firms to suffer and forced many of them to reduce their workforce in order to balance their financial books, the fundraising effort was successful.

Maurice said in a statement that “this fundraise in this market not only displays the perseverance of our team but also reiterates the appetite and requirement for cryptocurrencies in Africa.”

Will Wolf, a partner at Polychain Capital, calls Yellow Card “the best executing team on the continent” and thinks what they have accomplished is just the start of what might be potential for broad adoption of cryptocurrencies in Africa.

Wolf continued, “We are amazed by the way they easily change and adapt to the distinct opportunities and requirements of the numerous African markets. We’ve only scratched the surface of what is possible in Africa with regard to cryptocurrencies, and we’re eager to see what happens next.” 

The Yellow Card was introduced in Nigeria in 2019 and is now accessible in 21 nations, including Zambia, Kenya, Senegal, Rwanda, and Gabon.

In just three years, the platform has surpassed 1 million users as more individuals use its platform to invest in Bitcoin, Ethereum, and other cryptocurrencies.

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