Yellow Card, a pan-African cryptocurrency exchange, has announced the completion of a $40 million Series B funding round led by Polychain Capital.
Valar Ventures, Third Prime, Sozo Ventures, Castle Island Ventures, Fabric Ventures, DG Daiwa Ventures, The Raba Partnership, and other investors also took part in the round.
Yellow Card’s CEO and co-founder, Chris Maurice, stated that his team has been working nonstop for the past three years to make this technology available to everyone and to provide a top-notch product. In the current market situation, this fundraising effort not only illustrates the team’s tenacity but also amply shows the need for and need for cryptocurrencies in Africa.
Will Wolf, a partner at Polychain Capital, the lead investor, stated that the size of the round, particularly amid a financing downturn, indicates the level of investor confidence both new and existing investors have in the company.
“Yellow Card is the continent’s finest executing team. We are awed by how easily they adapt to the particular opportunities and requirements of the various African markets. We’ve only scratched the surface of what is possible when it comes to cryptocurrencies in Africa, and we’re eager to see what lies ahead, said Will Wolf, a partner at Polychain Capital.
The company will put the money to good use by expanding its operations across Africa, creating new products, and fostering strategic partnerships.
Read more on Tech Gist Africa:
MARA raises $23 million to develop the crypto economy portal for Africa
Nestcoin, a Nigerian cryptocurrency startup, has raised $6.45 million in a pre-seed funding round