22.06.2024

Polychain leads $40M raise for African crypto exchange Yellow Card

African crypto exchange Yellow Card increased$ 40 million in its Series B round led by Polychain Capital. Yellow Card Financial, a Nigeria-based cryptocurrency exchange seeking to drive the following wave of crypto adoption throughout Africa, has successfully closed its$40 million Series B financing round, according to news the system shared on Monday.

US-based investment firm Polychain Capital led the funding round, Yellow Card introduced, with the capital injection contributing to the Pan-African crypto start-up & s Series A financing round completed in August 2021.

At the time, the system safeguarded$ 15 million from capitalists as well as has actually now increased over$57 million to top the fundraising board for crypto business across the continent. For its most current financing round, Yellow Card drew in engagement from Castle Island Ventures, Valar Ventures, Third Prime Ventures, DG Daiwa Ventures, Sozo Ventures, Fabric Ventures, The Raba Partnership, as well as

Jon Weiner among others. Driving crypto adoption in Africa The financing will certainly enable the firm to drive exponential service growth, proceed its successful development throughout the continent, develop new item innovations, and advancement calculated collaborations throughout Africa. According to Chris Maurice, founder and CEO of Yellow Card, the financing is a vote of self-confidence in the group and the item.

It also highlights the substantial cravings for crypto throughout the continent. The fundraising succeeded despite a crypto winter season that has actually seen many crypto business struggle, with numerous resorting to downsizing their head count to maintain financial books balanced. & This fundraise in this market not only showcases the durability of our group yet likewise states the cravings and also requirement for cryptocurrency in Africa, Maurice kept in mind in a statement.

Polychain Capital companion Will Wolf sees Yellow Card as & the best performing team on the continent, and believes

&what they have actually done is just the beginning of what & s feasible towards higher crypto adoption in Africa. & We are thrilled by the way they perfectly adjust as well as readjust to the distinct opportunities as well as demands of

the numerous African markets. We & ve barely touched the surface area of what is feasible when it comes to crypto in Africa, as well as we & re excited of what & s to find, Wolf included.

Yellow Card introduced in 2019 in Nigeria as well as is currently readily available throughout 21 countries, including Senegal, Gabon, Zambia, Kenya and Rwanda. The system & s development has actually seen it go beyond 1 million clients in simply three years as more individuals tap into its innovation to invest in Bitcoin, Ethereum and various other cryptocurrencies.

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