Africa-focused crypto exchange Yellow Card recently revealed it has closed its $40 million Series B funding 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.
Funds to Be Used for Development of New Products
Yellow Card, an Africa-focused cryptocurrency exchange, recently disclosed it had closed its $40 million Series B funding 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.
As reported by Bitcoin.com news in September last year, Yellow Card had raised $15 million in its Series A funding round. This round was led by Valar Ventures with the participation of Third Prime, Castle Island Ventures, Square, Coinbase Ventures, and Blockchain.com Ventures.
Africa’s Appetite for Crypto
Meanwhile, in remarks accompanying the statement, Chris Maurice, the chief executive officer and co-founder of Yellow Card, said:
For the past three years, our team has worked tirelessly to make this technology accessible to anyone and create a world-class product. This fundraise in this market not only showcases the resilience of our team but also reiterates the appetite and necessity 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.”
According to the crypto exchange platform, since the last capital raise Yellow Card launched operations in four more African countries: Gabon, Senegal, Rwanda, and the Democratic Republic of the Congo. This brings the number of African countries where Yellow Card has operations to 16.
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Author: Terence Zimwara