Yellow Card concludes $15M Series A, opens new doors for Africa

Yellow Card, a famous Africa-based cryptocurrency exchange, closed a $15 million fund the series A. This was a financial round conducted by one of the largest venture funds of Blockchain. This might be the starting point for the growth of the continent in the cryptocurrency world.

Yellow Card stated on Monday that the fundraiser would entitle it to scale its operations across the continent. It will also open doors to ease the onboarding of new tablets and developers.

Yellow Card paves way for new opportunities

A year ago, Yellow Card had raised around $1.5 million with the cooperation of various investors. 

Valar Ventures, Third Price, and Castle Island Ventures headed the Series A investment round. However, Coinbase Ventures, Square Inc, Monday, Blockchain.com Ventures, Polychain Capital, and BlockFi were also not behind.

Yellow Pay was introduced in 2018 in Nigeria and later expanded its activities in various places around the continent. Its main aim is to create a pan-Africa cryptocurrency service-providing platform. Yellow Card has headquarters in Atlanta and Georgia. 

Growth of cryptocurrencies in Africa

Africa has contributed massively to the adoption of cryptocurrency and its growth. This is because people find it a great way to invest as well as to combat inflation in the long-term, rigid foreign exchange policies, and capital controls.

The local Naira currency blocking by the central bank has followed peer-to-peer crypto exchange platforms reporting a massive growth in Nigeria. One such instance is Paxful.

According to a report, Quidam, a Nigerian cryptocurrency exchange platform, has reported more than $3.2 billion lifetime transactions till May. This emphasizes the immense adoption of cryptocurrencies in Nigeria.

As per a report by Chainalysis, BTC adoption has increased by 1200% in the past year in the continent. 

On the one hand, where other countries take crypto as a medium for an investable asset class, African people take it as a vehicle for savings, remittances, and even a medium for transactions. Yellow Card is one of the pioneers of crypto adoption in Africa.