Africa-focused crypto exchange Yellow Card raises $40 million via Series B round – Africa Bitcoin News
Africa-focused crypto exchange Yellow Card recently revealed that it has closed its $40 million Series B funding round. The exchange’s announcement of its latest capital raising comes just over a year after it raised $15 million in its Series A round.
Funds to be used for the development of new products
Yellow Card, an Africa-focused cryptocurrency exchange, recently revealed that 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 “foster strategic partnerships across all of Africa.”
According to a press release, the exchange platform’s latest funding round was led by Polychain Capital with participation from 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 last September, Yellow Card had raised $15 million in its Series A funding round. This round was led by Valar Ventures with participation from Third Prime, Castle Island Ventures, Square, Coinbase Ventures and Blockchain.com Ventures.
Africa’s appetite for crypto
Meanwhile, in comments accompanying the statement, Chris Maurice, CEO and co-founder of Yellow Card, said:
For the past three years, our team has worked tirelessly to make this technology available to everyone and create a world-class product. This fundraising in this market not only demonstrates 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 adapts and adapts “to the unique opportunities and demands of the different African markets.”
According to the crypto exchange platform, since the last fundraising, Yellow Card has started operations in four more African countries: Gabon, Senegal, Rwanda and the Democratic Republic of Congo. This brings the number of African countries where Yellow Card operates to 16.
Register your email here to get a weekly update on African news delivered to your inbox:
What are your thoughts on this story? Let us know what you think in the comments section below.
Image credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or an endorsement or recommendation of products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on content, goods or services mentioned in this article.
