The yellow card, a Pan-African Bitcoin exchange, announced yesterday that it had raised 15 15 million in a series of funding rounds led by Vallar Ventures, Third Prime and Castle Island Ventures. Forbes. Jack Dorsey’s Square, Coinbase Ventures and Blockchain.com Ventures also took part in the round, helping to finance the exchange’s operations in 12 countries on the African continent. Third Prime got a seat on the company’s board.
“Many African countries accept mobile phones without distributing landlines on a scale, and many African countries accept mobile payments without distributing credit and debit cards on a scale,” said James Fitzgerald, a founding partner at Vallar Ventures. “We see a similar opportunity for crypto; it could enable Africans to leapfrog a whole generation of financial services technology.”
Yellow Card began its operations in Africa when its co-founder Chris Morris met a Nigerian man who sent his mother 200 200 to Wells Fargo in Auburn, Alabama. The Money Transmitting Service has set a লার 90 fee to send 200 200 to the man’s family in Nigeria, the report said. Morris became interested in the country and its financial system, eventually meeting with Munachi Oguyek, the future chief Bitcoin officer of the yellow card. The company went live in Nigeria in June 2011.
Jack Dorsey, chief executive of Twitter and Square, visited African countries in 2019 to learn more about the region’s technological advances. After he left Tweeted: “Leaving the continent for now is sad. Africa will determine the future (especially Bitcoin one!).” Dorsey has been a Bitcoin supporter for many years and launched Bitcoin Tipping Integration on Twitter on September 23rd. Yellow Card Funding, one of the largest B2C cryptocurrency exchanges in Africa, is another step forward in adopting Dorsey Bitcoin.
“Yellow card is a very diverse product; we have slightly different approaches in different countries.” “But at the end of the day, the focus is still the same – we’re bringing access to people who don’t have access to crypto and financial systems.”
The company said Forbes That their “ultimate goal is to become a crypto service that allows Africans to send remittances, make payments and protect the value of their assets from continued currency devaluation in many African countries.” Although many platforms already plug in for this use, Yellow Card seeks to differentiate itself by providing products and services that do not require Bitcoin to be understood by users.
“Changing the way money is circulated around the continent using crypto and we want to make it easier for them to jump from the local economy to the Internet economy and vice versa,” Morris said. .
According to the report, Yellow Card said they want to use the প্রাপ্ত 15 million raised in the round of funding to expand their team, launch new products and expand operations to more African countries.