African Startup Raises $6 Million From Pre-Series A Funding Round – Emerging Markets Bitcoin News

Africa Blockchain Lab announced recently that it raised $6 Million from pre-Series B investments and plans to use this capital for the launch of a cryptocurrency wallet.

Promoting Cryptocurrencies Adoption

Africa Blockchain Lab recently revealed that it received $6 million in pre-SeriesA funding. This round was led jointly by a group of African as well as global venture capital companies like Musha Ventures and CRE Venture Capital.

Global investors that took part in this round include Dragonfly Capital, Hashkey Capital, SNZ Capital, Fenbushi, Cadenza Capital, Head & Shoulder X, LeadBlock, Hash Global, Bonfire, Krypital, and Despace.

Tech Space Africa reported that Vibra is the startup’s plan to raise capital to launch its cryptocurrency wallet. The report also quotes Africa Blockchain Lab’s co-founder, Vincent Li, who explains the startup’s mission and how it will use the financial backing it has received to drive the adoption of cryptocurrencies across the African continent. He explained:

We plan to use the support of our strategic investors to bring the African continent world-class technology stacks, projects, and innovation, beginning with VIBRA, our first product.

Inclusive Financial Ecosystem

The same report also quotes Steven Grin, of Lateral Frontiers, explaining why the venture capital fund participated in pre-Series B rounds. He also highlighted his firm’s belief that “crypto can realize its potential as a technology and asset on the continent.”

Pardon Makumbe, Managing Partner at CRE Venture Capital said: “We believe Africa has a generational opportunity to build a more collaborative and inclusive financial ecosystem using decentralized technologies, in which all players are winners.”

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Terence Zimwara

Terence Zimwara, a Zimbabwean journalist, writer and author who has been awarded the Zimbabwe Booker Prize. His writings have covered the economic problems of several African countries and how digital currency can offer an escape route.

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