Yellow Card, a crypto-exchange that focuses on Africa, recently announced it closed its $40 Million Series B round. The exchange’s announcement of its latest capital raise comes just over a year after it raised $15 million from its Series A round.
Use Funds for the Development of New Products
Yellow Card is an Africa-focused crypto exchange and recently announced that it closed its $40 Million Series B round. The crypto exchange said it will use the funds raised to finance the development of new products as well as to “advance strategic partnerships across Africa.”
According to a press statement, the exchange platform’s latest funding round 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.
According to Bitcoin.com News, Yellow Card raised $15 Million in Series A financing. The round was led and participated by Valar Ventures. Third Prime Ventures, Castle Island Ventures. Square Ventures. Coinbase Ventures. Blockchain.com Ventures.
Africa’s Appetite for Crypto
Chris Maurice (chief executive officer, co-founder of Yellow Card), made these remarks in support of the statement:
Over the past three year, our team worked hard to bring this technology to all and build a top-notch product. The team’s resilience is evident in the market, but it also demonstrates the need for cryptocurrency in Africa.
For his part, Will Wolf, a partner at Polychain Capital, praised the Yellow Card team for the way it adjusts and adapts “to the unique opportunities and demands of the various African markets.”
The crypto-exchange platform reports that Yellow Card has launched operations in four additional African countries since the capital raise. These are Gabon, Senegal and Rwanda. Yellow Card now has operations in 16 African countries.
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