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Yellow Card a Pan-African crypto exchange raised $40 million

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Indrani bose Follow

INDIA

Sep, 21 2022

Sep, 21 2022

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Yellow Card a pan-African crypto exchange raises $40 million?in a series B funding round?which was led by?Polychain. The firm made this?official announcement on Monday. 


The fundraising round was headed by Polychain Capital, an investor in protocols and firms in the blockchain space. Valar Ventures, Third Prime, Sozo Ventures, Castle Island Ventures, Fabric Ventures, DG Daiwa Ventures, The Raba Partnership, Jon Weiner, Alex Wilson, Pat Duffy, and other investors participated in the Pan-African cryptocurrency exchange's most recent Series B round.  


A total of nearly $57 million has been raised by Yellow Card, including all previous investments, making it the firm with the highest capital raised in the African blockchain space. The money will help the business expand rapidly, maintain its successful pan-African expansion, create new products, and advance strategic alliances across the continent.  


The Pan-African cryptocurrency startup's Series A funding round, which was concluded in August 2021, was supplemented by the financial infusion that was led by the US-based investment firm Polychain Capital, according to Yellow Card. The site attracted $15 million in funding at the time, and it has now raised over $57 million to lead the fundraising list for crypto startups on the continent. 


Despite the crypto winter, which has caused many crypto companies to suffer and force many of them to reduce their personnel in order to balance their financial books, the fundraising effort was successful. The crypto exchange has increased service coverage to include Gabon, Senegal, Rwanda, and the Democratic Republic of the Congo since the previous fundraising round in August 2021.


All full-time employees have also received stock options. Yellow Pay, a "crypto-powered mechanism to move value across borders," was also introduced by the exchange. 


About Yellow Card :

Yellow Card was introduced in Nigeria in 2019 and is now offered in 21 nations, including Senegal, Gabon, Zambia, Kenya, and Rwanda. In just three years, the platform surpassed 1 million users in March this year as more people use its technology to invest in Bitcoin, Ethereum, stablecoins, and other cryptocurrencies. 

 


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Indrani bose

CBW - External Analyst

INDIA

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