Yellow Card has raised $1.5 million in a seed spherical. The Nigerian crypto startup stated it’s going to use the cash to broaden its operations in Africa whereas making it simpler for folks on the continent to purchase and promote digital belongings.
Traders within the new spherical embrace Polychain, enterprise capital agency Andreessen Horowitz, and Celo, by way of the Celo Ecosystem Fund.
In a press release, Yellow Card stated it intends to “become the dominant exchange across the continent.” The corporate not too long ago expanded into South Africa and Botswana and added 30,000 new distributors.
“Along with the fundraise, Yellow Card is announcing that it will be launching its services in Kenya and Cameroon starting September 1,” stated the agency.
Kenya is already large on crypto visitors, rating third, behind South Africa, in peer-to-peer bitcoin (BTC) transactions. Nigeria’s commerce quantity of $34.four million within the second quarter of 2020 makes it Africa’s most energetic nation within the digital asset house.
Based in 2016 by Chris Maurice and Justin Poiroux on a monetary inclusion pitch, Yellow Card boasts over 35 thousand retailers in Nigeria. The corporate says it has dealt with greater than $35 million in transactions within the nation. It provides customers a number of cost choices together with cash, bank card, and bank switch to through cryptocurrency.
In its assertion, the agency additionally introduced that Jason Marshall, former senior director of cost providers at Walmart, has joined the crew as its chief working officer.
Yellow Card was initially pitched round creating a Bitcoin present card however adopted the target of “basic financial services for all” in 2018 after witnessing the excessive prices of sending cash to Nigeria by way of the banking system.
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