Yellow Card has raised $1.5 million in a seed spherical. The Nigerian crypto startup stated it can use the cash to develop its operations in Africa whereas making it simpler for folks on the continent to purchase and promote digital property.
Investors within the new spherical embody Polychain, enterprise capital agency Andreessen Horowitz, and Celo, by the Celo Ecosystem Fund.
In an announcement, Yellow Card stated it intends to “develop into the dominant trade throughout the continent.” The firm just lately expanded into South Africa and Botswana and added 30,000 new distributors.
“Along with the fundraise, Yellow Card is saying that will probably be launching its providers in Kenya and Cameroon beginning September 1,” stated the agency.
Kenya is already huge 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 area.
Founded in 2016 by Chris Maurice and Justin Poiroux on a monetary inclusion pitch, Yellow Card boasts over 35 thousand retailers in Nigeria. The firm says it has dealt with greater than $35 million in transactions within the nation. It affords customers a number of cost choices together with money, bank card, and financial institution 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 group as its chief working officer.
Yellow Card was initially pitched round creating a Bitcoin reward card however adopted the target of “primary monetary providers for all” in 2018 after witnessing the excessive prices of sending cash to Nigeria by the banking system.
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