African Blockchain Lab has acquired a $6 million Series Pre-A investment to help support the launch of its crypto wallet VIBRA, which will help increase digital asset usage in Africa.
A group of international investors, including renowned African venture capital firms Lateral Frontiers VC, CRE Venture Capital, and Musha Ventures, as well as international blockchain investors Dragonfly Capital, Hashkey Capital, SNZ Capital, Fenbushi, Cadenza Capital, Head & Shoulder X, LeadBlock, Hash Global, Bonfire, Krypital, Despace, and others, led the funding round.
African Blockchain Lab (“ABL”) is a blockchain technology business and the creator of the African crypto app VIBRA, which was founded by blockchain investment firm Everest Ventures Group.
“We believe Africa has a once-in-a-generation potential to use decentralized technologies to create a more collaborative and inclusive financial environment in which all stakeholders profit.” We’re pleased to work with Vibra’s world-class team to make this happen.” CRE Venture Capital’s Managing Partner, Pardon Makumbe
“Dragonfly has a strong history of investing in infrastructure firms for the crypto asset class, from Bybit to Amber Group,” said Mia Deng, Partner at Dragonfly Capital. We are bullish on the sector since trading and investing are often the first use cases for developing market adoption, thus infrastructure businesses should be established to support these activities. We have begun to observe a spike in African trade in recent years, but we feel this is only the beginning. VIBRA is ideally positioned to deliver a fantastic product to African users on a daily basis.”
“The African Blockchain Lab was established with a single goal in mind: to accelerate the widespread use of digital assets and blockchain technology across Africa. We want to deliver world-class tech stacks, projects, and innovation to the African continent, starting with our first product VIBRA, with the support of our strategic investors.” Vincent Li, co-founder of African Blockchain Lab said.
Read more on Tech Gist Africa:
Payourse, a blockchain startup in Nigeria, has raised $600,000 in pre-seed funding
Busha, a Nigerian crypto exchange, has received $4.2 million in startup capital to help it grow.
