Africa-Focused Crypto Exchange Yellow Card Raises $40 Million via Series B Round

Africa-focused crypto speech Yellow Card precocious revealed it has closed its $40 cardinal Series B backing round. The exchange’s announcement of its latest superior rise comes conscionable implicit a twelvemonth aft it raised $15 cardinal from its Series A round.

Funds to Be Used for Development of New Products

Yellow Card, an Africa-focused cryptocurrency exchange, precocious disclosed it had closed its $40 cardinal Series B backing round. The crypto speech said it volition usage the funds raised to concern the improvement of caller products arsenic good arsenic to “advance strategical partnerships crossed Africa.”

According to a press statement, the speech platform’s latest backing circular was led by Polychain Capital with the information of 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 quality successful September past year, Yellow Card had raised $15 cardinal successful its Series A backing round. This circular was led by Valar Ventures with the information of Third Prime, Castle Island Ventures, Square, Coinbase Ventures, and Blockchain.com Ventures.

Africa’s Appetite for Crypto

Meanwhile, successful remarks accompanying the statement, Chris Maurice, the main enforcement serviceman and co-founder of Yellow Card, said:

For the past 3 years, our squad has worked tirelessly to marque this exertion accessible to anyone and make a world-class product. This fundraise successful this marketplace not lone showcases the resilience of our squad but besides reiterates the appetite and necessity for cryptocurrency successful Africa.

For his part, Will Wolf, a spouse astatine Polychain Capital, praised the Yellow Card squad for the mode it adjusts and adapts “to the unsocial opportunities and demands of the assorted African markets.”

According to the crypto speech platform, since the past superior rise Yellow Card launched operations successful 4 much African countries: Gabon, Senegal, Rwanda, and the Democratic Republic of the Congo. This brings the fig of African countries wherever Yellow Card has operations to 16.

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