(Ecofin Agency) - Africa is increasingly positioning itself as a stronghold of the global cryptocurrency market. With increased investment in the continent's exchange platforms, this momentum is expected to continue.
Pan-African cryptocurrency exchange platform Yellow Card announced it has closed a $15 million Series A funding round to pursue its expansion in Africa and launch new products.
Since it was launched in Nigeria in 2018, the exchange platform has worked to make cryptocurrencies like Bitcoin or Ether accessible to all Africans. Yellow Card provides financial services in twelve African countries through third-party agents. These include Bostswana, Cameroon, DRC, Gabon, Ghana, Kenya, Nigeria, Rwanda, South Africa, Tanzania, Uganda and Zambia. “Our mission has always been to make cryptocurrency accessible anywhere and everywhere across the African continent. Now, we have the backing to make that a reality, alongside an amazing team of investors who share our vision,” said Chris Maurice, co-founder and CEO of Yellow Card.
This fundraising operation, which is quite significant for a cryptocurrency exchange platform in Africa, shows the sector’s dynamism on the continent. It was led by Valar Ventures, Third Prime and Castle Island Ventures, with participation of Blockchain.com Ventures, Coinbase Ventures, Polychain Capital, BlockFi, Fabric Ventures and Square Inc, among others.
According to a recent report by Chainalysis, the African digital currency market has grown by 1,200% between June 2020 and July 2021.