- Yellow Card, the African crypto exchange platform, has officially announced the close of a $40 million Series B funding
- Yellow Card has the primary goal of not only promoting Web3 adoption and growing Africa’s crypto market
- Will Wolf, a Researcher at Polychain Capital, stated that Yellow Card is the best executing team that strives to expand Africa’s crypto market
With the current buzz around Africa’s crypto market, many organizations are turning the opportunity into a lucrative business. The leading African countries such as Kenya, Nigeria, and South Africa are all taking the initiative. They encourage developers and innovative minds to take advantage of Web3 adoption and provide awareness of cryptocurrency in Africa.
There are currently multiple startups at the forefront of Africa’s crypto market, and few people want to be left behind. Yellow Card, the African exchange platform, is a prime example since it has made recent headlines that leave its competitors in awe.
The Big Leap for Yellow
Yellow Card, the African crypto exchange platform, has officially announced the close of a $40 million Series B funding. This accomplishment was spearheaded by Polychain Capital, with participation from Valar Ventures, Third Prime Ventures, Sozo Ventures, Castle Island Ventures, Fabric Ventures, DG Daiwa Ventures, The Raba Partnership, Jon Weiner, Alex Wilson, Pat Duffy, and more.
Also, Read The Africa Money and DeFi Summit targeting to better Africa’s web3 ecosystem.
Chris Maurice, the CEO of Yellow Card, expressed his gratitude to all those who aided him. Together they have enabled Yellow Card’s journey.
Upgrading cryptocurrency in Africa will allow the adoption of Decentralized finance. This would give access to financial benefits and services that not all Africans enjoy. This initiative led to the development of the Yellow Card.
In an interview to discuss the success of the series B funding, Chris stated that its developers have been working around the clock for the past three years.
These efforts ensured the system was secure and functional to create a world-class product. This world-class product would not only promote Web3 adoption but fully realize the vast potential of Africa’s crypto market. The fundraising was merely a demonstration of the resilience behind the African exchange platform. It also highlighted the necessity for cryptocurrency in Africa.
Will Wolf, a Researcher at Polychain Capital, stated that Yellow Card is the best executing team that strives to expand Africa’s crypto market. Polychain was quickly impressed by the various accomplishment and efforts of Yellow Card.
They made it appear seamless when adjusting and adapting to the unique opportunities brought by cryptocurrency in Africa. Because crypto is still a new concept in Africa, there is still much work. Despite this, the African crypto exchange platform kept increasing its pace, and Polychain realized it had to jump on.
What next for Yellow Card?
Yellow Card is based across 21 countries, making major crypto and altcoins available to everyone in Africa. It has taken the necessary strides, such as recently launching a new feature known as Yellow Pay, a peer-to-peer money transfer product. Yellow pay allows users to send or receive fiat currency across borders allowing easy transactions throughout Africa.
According to the Director of Operations in Nigeria, Oparinde Babatunde, it did not make sense how it was easy to send and receive money to the US rather than neighbouring countries such as Ghana and Zambia.
Charity begins at home, and if Africa’s crypto market is to expand, it is paramount that we interconnect first before trying to reach different continents.
Series A raised a total of $15 million, allowing it to expand its reach to 21 countries. The African exchange platform is still set on reaching all 54 countries, but with Series B, they intend to create and support new ways and features that allow people to use cryptocurrency in Africa.
The establishment of Yellow Pay was a start, and now Chris Maurice will be able to drive Yellow Card’s potential exponentially to heights we are yet to witness.
Conclusion
Yellow Card has made significant steps to keep Africa’s crypto market expanding. Its team and developers have inspired and impressed multiple investors to see their vision to incorporate cryptocurrency in Africa fully. This is no easy feat, but it has somehow grown in just three years. If that isn’t a sign of a great company, I don’t know what is. If you require more information on the story behind Yellow Card, the link below will aid you.
