Crypto
Africa-Focused Crypto Exchange Yellow Card Raises $40 Million via Series B Round – Africa Bitcoin News
Africa-focused crypto alternate Yellow Card not too long ago revealed it has closed its $40 million Collection B funding spherical. The alternate’s announcement of its newest capital increase comes simply over a 12 months after it raised $15 million from its Collection A spherical.
Funds to Be Used for Improvement of New Merchandise
Yellow Card, an Africa-focused cryptocurrency alternate, not too long ago disclosed it had closed its $40 million Collection B funding spherical. The crypto alternate stated it can use the funds raised to finance the event of recent merchandise in addition to to “advance strategic partnerships throughout Africa.”
Based on a press assertion, the alternate platform’s newest funding spherical was led by Polychain Capital with the participation of Valar Ventures, Third Prime Ventures, Sozo Ventures, Fortress Island Ventures, Cloth Ventures, DG Daiwa Ventures, The Raba Partnership, Jon Weiner, Alex Wilson, and Pat Duffy.
As reported by Bitcoin.com information in September final 12 months, Yellow Card had raised $15 million in its Collection A funding spherical. This spherical was led by Valar Ventures with the participation of Third Prime, Fortress Island Ventures, Sq., Coinbase Ventures, and Blockchain.com Ventures.
Africa’s Urge for food for Crypto
In the meantime, in remarks accompanying the assertion, Chris Maurice, the chief govt officer and co-founder of Yellow Card, stated:
For the previous three years, our group has labored tirelessly to make this expertise accessible to anybody and create a world-class product. This fundraise on this market not solely showcases the resilience of our group but additionally reiterates the urge for food and necessity for cryptocurrency in Africa.
For his half, Will Wolf, a associate at Polychain Capital, praised the Yellow Card group for the best way it adjusts and adapts “to the distinctive alternatives and calls for of the varied African markets.”
Based on the crypto alternate platform, because the final capital increase 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.
Register your electronic mail right here to get a weekly replace on African information despatched to your inbox:
What are your ideas on this story? Tell us what you suppose within the feedback part under.
Picture Credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This text is for informational functions solely. It’s not a direct provide or solicitation of a suggestion to purchase or promote, or a advice or endorsement of any merchandise, companies, or firms. Bitcoin.com doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the creator is accountable, immediately or not directly, for any injury or loss induced or alleged to be brought on by or in reference to using or reliance on any content material, items or companies talked about on this article.