Yellow Card, the Africa-focused crypto alternate, just lately revealed that it has closed its $40 million Sequence B funding spherical. The alternate’s announcement of its newest capital increase comes simply over a 12 months after it raised $15 million from its Sequence A spherical.
Funds for use for brand spanking new product growth
Yellow Card, an Africa-focused cryptocurrency alternate, just lately revealed that it had closed its $40 million Sequence B funding spherical. The crypto alternate mentioned it is going to use the funds raised to finance the event of latest merchandise, in addition to to “promote strategic partnerships throughout Africa.”
In accordance with a press launch, the alternate platform’s newest funding spherical was led by Polychain Capital with participation from Valar Ventures, Third Prime Ventures, Sozo Ventures, Fort Island Ventures, Cloth Ventures, DG Daiwa Ventures, The Raba Partnership, Jon Weiner, Alex Wilson and Pat Duffy.
As reported by Bitcoin.com information in September of final 12 months, Yellow Card had raised $15 million in its Sequence A funding spherical. This spherical was led by Valar Ventures with the participation of Third Prime, Fort Island Ventures, Sq., Coinbase Ventures, and Blockchain.com Ventures.
Africa’s urge for food for cryptocurrencies
In the meantime, in feedback accompanying the assertion, Chris Maurice, CEO and co-founder of Yellow Card, mentioned:
For the final three years, our workforce has labored tirelessly to make this know-how accessible to everybody and create a world-class product. This fundraising on this market not solely reveals the resilience of our workforce, but in addition reiterates the urge for food and want for crypto in Africa.
For his half, Will Wolf, a associate at Polychain Capital, praised the Yellow Card workforce for the best way it adjusts and adapts “to the distinctive alternatives and calls for of the assorted African markets.”
In accordance with the cryptocurrency alternate, for the reason that final capital increase, Yellow Card has launched operations in 4 extra African nations: Gabon, Senegal, Rwanda, and the Democratic Republic of the Congo. This brings the variety of African nations the place Yellow Card has operations to 16.
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