Africa-focused crypto alternate Yellow Card not too long ago revealed it has closed its $40 million Collection B funding spherical. The alternate’s announcement of its newest capital elevate comes simply over a yr after it raised $15 million from its Collection A spherical.
Funds to Be Used for Growth of New Merchandise
Yellow Card, an Africa-focused cryptocurrency alternate, not too long ago disclosed it had closed its $40 million Collection B funding spherical. The crypto alternate stated it’s going to use the funds raised to finance the event of recent merchandise in addition to to “advance strategic partnerships throughout Africa.”
In response to a press assertion, the alternate platform’s newest funding spherical was led by Polychain Capital with the participation of Valar Ventures, Third Prime Ventures, Sozo Ventures, Fort Island Ventures, Material Ventures, DG Daiwa Ventures, The Raba Partnership, Jon Weiner, Alex Wilson, and Pat Duffy.
As reported by Bitcoin.com information in September final yr, Yellow Card had raised $15 million in its Collection 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 Crypto
In the meantime, in remarks accompanying the assertion, Chris Maurice, the chief govt officer and co-founder of Yellow Card, stated:
For the previous three years, our workforce has labored tirelessly to make this expertise accessible to anybody and create a world-class product. This fundraise in this market not solely showcases the resilience of our workforce but in addition reiterates the urge for food and necessity for cryptocurrency in Africa.
For his half, Will Wolf, a associate at Polychain Capital, praised the Yellow Card workforce for the way in which it adjusts and adapts “to the distinctive alternatives and calls for of the varied African markets.”
In response to the crypto alternate platform, for the reason that final capital elevate Yellow Card 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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