Pan-African Exchange Yellow Card brings $ 15 million in the last round of financing-crowdfunding
Pan-African Exchange Yellow Card brings $ 15 million in the last round of financing-crowdfunding
Yellow Card, a crypto exchange platform aimed at Africa, has recently announced a capital increase of $ 15 million from its series-A financing round. The capital increase, the largest of the Yellow Card, was led by Valar Ventures, Third Prime and Castle Island Ventures. Square, Coinbase Ventures and Blockchain.com Ventures also took part in the round.
make cryptocurrencies accessible
According to the blog of the exchange platform Post , part of the collected means is used to accelerate and " to continue their expansion on the entire continent ”. On the other hand, Chris Maurice, founder and CEO of Yellow Card said that he would expect the recent capital increase to help FinTech to realize his goal of making cryptocurrencies accessible to everyone. Maurice said:
Our mission has always been to make cryptocurrencies accessible everywhere and everywhere on the African continent. Now we have the support to realize this together with a great team of investors who share our vision.
Before the $ 15 million were applied, Yellow Card already had "a presence in 12 countries". [and] 110 employees in 16 countries. " This footprint is probably one of the reasons why the exchange platform "has had an almost 30-fold increase of users in all of Africa since the beginning of the pandemic.
capital increase underlines positive perception of Africa by investors
In the same blog post, James Fitzgerald is also cited by Valar Ventures, who explains why his organization relies on the Yellow Card. Fitzgerald said:
"Africa is ready to benefit enormously from the potential of the cryptocurrency to transform financial services. We believe in the vision of Yellow Card of a Panafrican cryptocurrency platform. What consolidated the deal is your multinational team, which we believe that it has the local knowledge, the technical expertise and the unmistakable passion Financial service needs of the continent. ”
Although Africa is widely considered the ideal market for cryptocurrencies, there are regulatory uncertainty and persistent reports from the regulatory authorities Pushback Investment target. This lack of clarity did not prevent FinTech start-ups like Yellow Card from expanding their activities.
Actually, according to Munich Ogueke, Chief Bitcoin Officer from Yellow Card, the capital procurement of the start-up of $ 15 million itself is "confirmation that Africa takes up an important place in the crypto industry". The statement suggests that the FinTech start-up is currently not too concerned with this lack of clarity or certainty. Instead, the Yellow Card focuses more on its goal of “becoming a reliable pioneer for people all over the continent”.
What do you think of the Yellow Card's capital increase of $ 15 million? Tell us your opinion in the comments below.
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