The African cryptocurrency exchange has concluded a িং 15 million series of financing rounds led by Yellow Card Blockchain’s largest venture fund, highlighting the potential for digital wealth growth on the continent.
The fundraiser, described by the African Cryptocurrency Exchange as the largest of all time, will enable Yellow Card to increase its performance across Africa and add new talent, the company announced Monday. The Series A comes almost a year after the yellow card successfully raised 1.5 million from various investors.
The investment rounds were led by Valer Ventures, Third Price and Castle Island Ventures with additional participation from Square, Inc., Blockchain.com Ventures, Coinbase Ventures, Polychain Capital, BlockFi, MoonPay and others.
Yellow Pay was launched in Nigeria in 2018 before expanding its activities across the continent. Its headquarters are currently listed in Atlanta, Georgia, although the company’s main focus seems to be on building a Pan-Africa cryptocurrency platform.
Africa continues to be a major source of growth for the cryptocurrency market as locals find new ways to control inflation, tougher foreign exchange policy and capital. Peer-to-peer trading platforms such as Paxful have grown significantly in Nigeria as the central bank continues to block remittances in local Naira currencies. As Cointelegraph reports, the Nigerian crypto exchange Quidax reported more than 3.2 billion in lifetime transactions as of May, emphasizing the rapid adoption of cryptocurrency in the country.
Related: Africa’s crypto market has grown by more than 1,200% since 2020: Chanellysis
In contrast to many developed industrialized economies, where crypto plays an important role as an investable asset class, users of the so-called Global South increasingly see Bitcoin (BTC) as a vehicle for savings, remittances and even transactions. BTC adoption in Africa increased by 1,200% last year, according to a new report from analytics firm ChinaLysis.