TL;DR breakdown
- Yellow card makes $15m in Series A funding round.
- African crypto market continues to boom with many investors ready to get in.
Emerging African crypto exchange firm Yellow Card has raised $15m in its recently concluded Series A funding round.
The funding was led by some of the biggest blockchain venture funds, highlighting the many potentials in the African crypto market.
The round was led by Valar Ventures, Third Price, and Castle Island Ventures with additional participation from Square, Inc., Blockchain.com Ventures, Coinbase Ventures, Polychain Capital, BlockFi, MoonPay, among others.
Reportedly, venture capitalists continue to explore ways to invest in the African crypto economy as the crypto market in the continent continues to develop and grow exponentially.
Yellow Card series A is said to be the largest fundraiser for a crypto exchange in the African continent. The company announced on Monday that the funds would help the emerging startup scale its operations across Africa and onboard new talent.
The Series A comes after the exchange firm raised $1.5m around a year ago after soliciting funds from different investors.
Yellow Card in Africa
The exchange firm debuted in Africa in 2018. Its exploit in the continent started in Nigeria before it began expanding to other countries in Africa. Although its headquarter is in Atlanta, Georgia, United States of America, the firm has expanded across Africa and now operates in South Africa, Ghana, Zambia, and Uganda.
The exchange firm is focused on creating a pan-Africa cryptocurrency platform.
This is as the continent continues to be a major source of growth for the cryptocurrency market as locals find novel ways to combat inflation in the highly volatile economy.
Other crypto firms in Africa, like Paxful, saw significant growth in the continent, especially Nigeria, after the government stopped banks from providing support for cryptocurrencies.
Quidax, another Nigerian crypto exchange, also made over $3 billion after the ban on crypto, which explains how high locals continue to adopt crypto in the country.
