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Pan-African crypto exchange Yellow Card has raised $15M in its first major round of venture capital financing.
This Series A funding which was led by different crypto and non-crypto organisations is regarded as the biggest ever venture fund garnered by an African crypto exchange.
“Our mission has always been to make cryptocurrency accessible anywhere and everywhere across the African continent,” Yellow Card’s co-founder and CEO Chris Maurice said in a press release. “Now, we have the backing to make that a reality, alongside an amazing team of investors who share our vision.”
The funds received will help Yellow Card increase its workforce and push growth.
Yellow Card is Africa’s leading Crypto Exchange
Yellow Card launched in Nigeria back in 2018 but has since expanded its operations to cover more countries in the region.
Currently, the exchange operates in 12 African countries. Also, the number of persons who use the platform has surged by almost 30 percent since the start of the pandemic.
Contrary to what it looks like on the surface, Africa would make a good case study for crypto adoption. Six African countries are ranked in the top 20 on the Global Crypto Adoption index released by blockchain data platform Chain Analysis.
“With the access that Yellow Card brings, powered by this raise, we can now let crypto proliferate and be a reliable enabler for people across the continent.” Yellow Card’s Chief Bitcoin Officer, Munachi Ogueke said.
African countries dominating the crypto adoption index list doesn’t come as a surprise. It’s glaring that Africans are adopting crypto and other digital assets as a way of dealing with the inconsistency of their local currencies.