The rate of crypto adoption in Africa is increasing at a compounding rate; this increase has also led to the growth of exchanges in Africa. As Coinbench reported, Nigerians alone traded over $204 million worth of BTC as at July 2nd this year.
With respect to that, Yellow Card, a Pan-African crypto exchange, has recorded a new success as it raised $15 million in its Series A funding round. By far, this is the largest funding by a B2C exchange throughout Africa.
When Yellow Card swung into operation in 2019, it’s major service was redemption of gift cards for crypto. However, this scope was widened later on as the Startup scaled into a crypto-based banking model.
The aim of the banking model was to facilitate safe payment of funds between Africans without exorbitant fees. The exchange acclimatized its interface into one that an average African can seamlessly interact with.
Chris Maurice, the CEO and Founder of Yellow Card, expounded on this when he said:
“The big picture is to change the way that money moves around the continent using crypto, and we want to make it easier for people to be able to just jump from their local economy into the economy of the internet and vice versa.”
Many big names contributed to this funding round including Square, Third Prime, Valar Ventures, Polychain Capital, Castle Island Ventures, BlockFI, MoonPay to mention a few.
According to the release, Yellow Card would use this fund to broaden its team and ensure its expansion to the nooks and crannies of Africa. At present, Yellow Card has 110 workers who are remotely based in 16 countries.