Yellow Card, an Africa-centric crypto exchange platform, recently announced a বাড় 15 million increase in capital from its funding round in the series. The yellow card raised the largest capital, led by Vallar Ventures, Third Prime and Castle Island Ventures. Square, Coinbase Ventures, and Blockchain.com Ventures also participated in the round.
Make cryptocurrencies accessible
According to the exchange platform’s blog post, a portion of the funds raised will be used to “increase recruitment work and continue its expansion across the continent”. Chris Morris, founder and CEO of Yellow Card, on the other hand, said he hopes Fintech will raise the latest capital to help realize its goal of making cryptocurrency accessible to all. Morris says:
Our mission has always been to make cryptocurrencies readily available anywhere and everywhere across the African continent. Now, we have the support to make it a reality, with an amazing group of investors who share our vision.
Before raising 15 15 million, the yellow card already had a “presence in 12 countries [and] 110 workers in 16 countries. This footprint is probably one of the reasons that the exchange platform was able to record a “nearly 30-fold increase in users across Africa since the onset of the epidemic”.
Capital Rise highlights the positive perception of Africa for investors
The same blog post quotes James Fitzgerald of Vallar Ventures as explaining why his company is betting on yellow cards. Fitzgerald says:
“Africa is ready to benefit greatly from the potential for the transformation of cryptocurrency into financial services. We believe in the yellow card approach of the Pan-African cryptocurrency platform. What has strengthened this agreement is their multinational team, which we believe has the unquestionable passion to meet the needs of local knowledge, technological expertise and basic financial services on the continent.
Although Africa is widely seen as the ideal market for cryptocurrencies, constant reports of regulatory uncertainty and regulatory pushbacks make the continent a risky investment destination. However, this lack of transparency has not deterred Fintech start-ups from expanding their activities, such as yellow cards.
In fact, the কার্ড 15 million capital of the start-up itself is “a legitimacy that Africa has a major place in the crypto industry,” said Munachi Oguek, chief Bitcoin officer at Yellow Card. The statement suggests that Fintech start-ups are not currently overly concerned about this lack of transparency or certainty. Instead, the yellow card is more focused on becoming a “reliable enabler for people across the continent.”
What is your opinion about the কার্ড 15 million capitalization of the yellow card? Let us know what you think in the comments section below.
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