Africa-based Yellow Card Crypto Exchange Secures $40M in Series B Funding Round
- The funds raised by the Yellow Card cryptocurrency exchange are expected to be channeled towards further developments, particularly venturing into the African market.
- Having conquered 16 countries in Africa, the cryptocurrency exchange is confident it to capture more markets in the coming quarters.
- The cryptocurrency exchange announced that it surpassed 1 million customers back in March 2021.
After achieving significant set milestones, Pan-African cryptocurrency Yellow Card has closed a Series B funding round with $40 million. The funding round was led by Polychain Capital, with participation from Valar Ventures, Third Prime, Sozo Ventures, Castle Island Ventures, Fabric Ventures, DG Daiwa Ventures, The Raba Partnership, Jon Weiner, Alex Wilson, Pat Duffy, and more. Consequently, the Yellow Card cryptocurrency exchange has raised a total of $57 million. Hence becoming the most funded African-based cryptocurrency exchange.
“For the past three years, our team has worked tirelessly to make this technology accessible to anyone and create a world-class product. This fundraiser, in the current market environment, not only showcases the resilience of our team but also clearly demonstrates the appetite and necessity for cryptocurrency in Africa,” said Chris Maurice, CEO, and co-founder of Yellow Card.
The funds raised by the Yellow Card cryptocurrency exchange are expected to be channeled towards further developments, particularly venturing into the African market.
Yellow Card and the African Cryptocurrency Market
Founded back in 2019, the Yellow Card cryptocurrency exchange has grown into an international firm. Worth noting that the exchange originated in Nigeria where it offered Bitcoin, Ethereum, and stablecoins trades. Back in August 2021, the Pan-African cryptocurrency exchange announced the closure of the Series A funding round with $15 million.
Having conquered 16 countries in Africa, the cryptocurrency exchange is confident it will capture more markets in the coming quarters. Furthermore, the continent has registered a significant spike in cryptocurrency demand following Nigeria’s intro of the eNaira and the Central African Republic’s adoption of Bitcoin as legal tender.
African countries have been reported to have high inflation compared to other nations globally. For instance, Zimbabwe is reportedly experiencing inflation of over 285 percent. Consequently, the country has introduced a digital gold coin to counter the rising inflation.
Notably, the cryptocurrency exchange announced that it surpassed 1 million customers back in March 2021. Additionally, the crypto firm launched its trading services in Gabon, Senegal, Rwanda, and the Democratic Republic of the Congo in the past year.
The company proved its commitment to investors by attracting more customers during the ongoing bear market. Furthermore, the firm has made several hires including Alice Tomdio, Chief Financial Officer; Craig Stoehr, General Counsel and Micha Katz, Chief Information Security Officer
“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,” said Will Wolf, Partner at Polychain Capital.
The cryptocurrency exchange is available on both android and iOS devices. The company has partnered with several financial institutions to support