In the latest round of developments for Yellow Card, an African cryptocurrency exchange, the firm has successfully closed a $15 million Series A funding round. Some of Blockchain’s leading venture funds took part in the funding round. Together, they propagated a vision of the growing potential of virtual currencies in Africa. The Series A funding round is the largest done by any African crypto exchange. According to Yellow Card’s official statements, their aim was to bring together fresh and young talent. A year ago, Yellow Card raised $1.5 million from different investors.
Valar Ventures was at the forefront of the latest round of funding. Other important participants were Castle Island Ventures, Third Price, and Square INC.
Yellow Card originated in Nigeria in 2018. Presently, it is at the forefront of the crypto movement in the continent. With headquarters in Atlanta, Georgia, their vision is to expand operations to every corner of Africa. One of their most ambitious plans is the creation of a pan-African cryptocurrency. If their aim materializes, it will be a game-changer for the crypto ecosystem. Experts and analysts have repeatedly pointed out that third-world nations are at the center of Crypto’s future. Nigeria has come up as one of the most prospective countries for crypto development. Various factors go into this – from poverty to inadequate financial institutions. According to stats from Chainalysis, Bitcoin has seen a whopping 1200% rise in Africa since 2020. Many believe that the pandemic had a role to play in this. The future of crypto in Africa looks promising as of now.
