Yellow Card, a crypto exchange focused on Africa, announced recently that it has closed its $40 million Series B fundraising round. A year after raising $15 million in its Series A round, the exchange announced its latest capital raise.
Developing new products with funds
The Africa-focused cryptocurrency exchange Yellow Card has closed its $40 million Series B funding round. In addition to funding the development of new products, the cryptocurrency exchange plans on advancing strategic partnerships across Africa with the funds raised.
It was reported that Polychain Capital led the latest round of funding for the exchange platform, which included 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 news in September last year, Yellow Card had raised $15 million in its Series A funding round. This round was led by Valar Ventures with the participation of Third Prime, Castle Island Ventures, Square, Coinbase Ventures, and Blockchain.com Ventures.
Africa’s Appetite for Crypto
Meanwhile, in remarks accompanying the statement, Chris Maurice, the chief executive officer and co-founder of Yellow Card, said:
For the past three years, our team has worked tirelessly to make this technology accessible to anyone and create a world-class product. This fundraise in this market not only showcases the resilience of our team but also reiterates the appetite and necessity for cryptocurrency in Africa.
Polychain Capital partner Will Wolf commended Yellow Card for adjusting and adapting “to the unique opportunities and demands of various African markets.”
According to the crypto exchange platform, since the last capital raise Yellow Card launched operations in four more African countries: Gabon, Senegal, Rwanda, and the Democratic Republic of the Congo. This brings the number of African countries where Yellow Card has operations to 16.
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