Yellow Card, a cryptocurrency exchange focused on the African region has recently made an announcement surrounding a funding round.
A Successful Funding Round
The exchange officials have recently announced that they have successfully concluded a funding round. It was the Series B funding round that helped the company generate $40 million.
It was just a year back Yellow Card announced it had successfully completed its Series A funding round. From the particular round, the exchange was able to generate $15 million.
What Does the Exchange Plan on Doing?
The exchange officials have revealed what they plan on doing with the $40 million funds they have generated from the Series B funding round.
The executives are eager to introduce many developments in their products and projects that are to operate in Africa.
The exchange had always expressed its strong desire of forming several strategic partnerships in the African region. With the funds generated, the exchange is in the position of what it had planned.
Funding Round Contributors
As per the information shared on the website, multiple investors participated in the funding round. Polychain Capital was the firm that successfully led the funding round.
Other major contributors to the funding round include Pat Duffy, Alex Wilson, Jon Weiner, The Raba Partnership, DG Daiwa Ventures, and Fabric Ventures.
Castle Island Ventures, Sozo Ventures, Third Prime Ventures, and Valar Ventures also participated in the funding round.
Details of Past Funding Round
It was September of 2021 when the Series A funding round was held by Yellow Card. At that time, Valar Ventures was the lead contributor to the funding round.
Other contributors were Blockchain.com Ventures, Coinbase Ventures, Square, Castle Island Ventures, and Third Prime.
Africa has a Strong Interest in Cryptocurrencies
Chris Maurice, the CEO at Yellow Card talked about the achievement of their exchange. She explained that their exchange has been operational for more than 3 years in Africa.
Maurice stated that in the particular period, they have continued developing multiple products. With their efforts, they have expanded their services and products all over Africa.
In recent years, the Africans have proven with their adoption level that they have a very strong appetite for cryptocurrencies.
Nigeria is among the countries that showed great interest in crypto adoption. The crypto sector was growing larger in the country until the Central Bank of Nigeria banned cryptocurrencies in the country.
However, the regulators in Nigeria are working on introducing a regulatory framework surrounding cryptocurrencies in the country. This means that the country may soon unban cryptocurrencies and let the locals benefit from them as normal.
The exchange wants to be ready to make implementations in order to gain exposure in the growing crypto market in all major and minor parts of Africa.