African cryptocurrency exchange Yellow Card just held the continent’s largest venture capitalist round with participation from some of the blockchain industry’s biggest VC funds. With its presence in already twelve different African countries, the recent funding will set towards an explosive potential of digital assets across the region.
African cryptocurrency exchange Yellow Card has announced a $15 million Series A funding led by Valar Ventures, Third Prime, and Castle Island Ventures with participation from Square, Inc., Blockchain.com Ventures, Coinbase Ventures, Polychain Capital, BlockFi, Fabric Ventures, Raba Partnership, MoonPay, GreenHouse Capital, and more.
This is the largest ever fund to be raised by an African cryptocurrency exchange that will enable the digital asset exchange to scale its operation across the continent, hire new talent, work on new product development, and grow into more African countries.
With a massive 30 times growth in user sign-ups since the beginning of the COVID-19 pandemic, the expansion of the project is only natural.
Commenting on the magnitude of the latest funding round, Chris Maurice, co-founder and CEO of Yellow Card, said:
"Our mission has always been to make cryptocurrency accessible anywhere and everywhere across the African continent. Now, we have the backing to make that a reality, alongside an amazing team of investors who share our vision."
Launched in 2018, the broad vision behind Yellow Card included making cryptocurrencies like Bitcoin (BTC) to USDT stablecoin accessible to anyone in the African subcontinent establishing it as a prominent region for crypto adoption.
The latest news comes on the backdrop of blockchain analysis company Chainalysis’s recent report which listed six African regions in the top 20 on the Global Crypto Adoption Index.
Remarking on Africa's stance in the crypto industry, Yellow Card's Chief Bitcoin Officer, Munachi Ogueke, said: