Yellow Card, a cryptocurrency exchange focused on Africa, recently announced the closing of its $40 million Series B investment round. Just over a year after raising $15 million from its Series A round, the exchange announced the details of its latest capital raise.
A $40 million Series B funding round for Africa-focused cryptocurrency exchange Yellow Card was recently announced as closed. The cryptocurrency exchange stated that it will use the funds received to “foster strategic collaborations across Africa” as well as to fund new product development.
Funds to be used for the development of new products
The exchange platform’s recent round of fundraising, led by Polychain Capital, included Raba Partnership, Jon Weiner, Alex Wilson and Pat Duffy, as well as Valar Ventures, Third Prime Ventures, Sozo Ventures, Castle Island Ventures, Fabric Ventures and DG Daiwa Ventures.
African interest in crypto
Yellow Card Chief Executive Officer and co-founder Chris Maurice added the following in the remarks accompanying the statement:
According to a report published by Bitcoin.com News in September last year, Yellow Card has raised $15 million in its Series A funding round. Third Prime, Castle Island Ventures, Square, Coinbase Ventures and Blockchain.com Ventures joined Valar Ventures to lead this round.
Our team has worked nonstop for the past three years to produce a product of the highest quality while making this technology available to everyone. This fundraiser in this area not only shows the tenacity of our team, but also underlines how important and sought after cryptocurrencies are in Africa.
For his part, Will Wolf, a partner at Polychain Capital, commended the Yellow Card team for their flexibility in responding to “the unique opportunities and requirements of the various African markets”.
Since the last fundraising, Yellow Card has opened operations in four other African countries: Gabon, Senegal, Rwanda and the Democratic Republic of the Congo, the cryptocurrency trading platform claims. There are now 16 African nations where Yellow Card does business.
Summary of the news:
- Yellow Card, a cryptocurrency exchange focused on Africa, raises $40 million in a Series B round
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