African crypto exchange Yellow Card closes $15M Series

Africa is a stronghold for cryptocurrency adoption. Venture capital is keen to capitalize on this growing trend. African cryptocurrency exchange Yellow Card closed a $15 million Series-A financing round, led by some of the largest blockchain venture funds. This underlines the potential for digital assets to grow on the continent. Yellow Card announced Monday that the fundraising round, which was described by the company as the largest ever for any African cryptocurrency exchange, will allow the company to expand its operations across Africa and hire new talent. The Series A was announced Monday, one year after Yellow Card raised $1.5 million from investors. The round was led and participated by Valar Ventures, Third Price, Castle Island Ventures, and Coinbase Ventures. Additional participation came from Square, Inc., Blockchain.com Ventures, Coinbase Ventures, Polychain Capital, BlockFi, MoonPay, and others. Yellow Pay was established in Nigeria in 2018. It has since expanded its operations to other parts of Africa. Although its headquarters are located in Atlanta, Georgia, the company’s main focus seems to be on creating a pan-African cryptocurrency platform. The cryptocurrency market continues to grow in Africa as locals discover innovative ways to combat inflation, strict foreign exchange policies, and capital controls. After the central bank blocked remittances in local naira currencies, peer-to-peer trading platforms like Paxful saw significant growth in Nigeria. Cointelegraph reported that the Nigerian crypto exchange Quidax had reported more than $3.2 million in lifetime transactions in May. This demonstrates the country’s rapid adoption of cryptocurrency. Related: Africa’s crypto market grew by more than 1,200% between 2020 and now: Chainalysis. Unlike advanced industrialized economies where crypto is an important asset class, users in the global south increasingly see Bitcoin (BTC), as a vehicle to save, send money, and even conduct transactions. Chainalysis has released a new report that shows that BTC adoption in Africa has increased 1,200% in the past year.

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