Yellow Card has raised $1.5 million in a seed spherical. The Nigerian crypto startup stated it’ll use the cash to broaden its operations in Africa whereas making it simpler for individuals on the continent to purchase and promote digital property.
Traders in the brand new spherical embrace Polychain, enterprise capital agency Andreessen Horowitz, and Celo, by way of the Celo Ecosystem Fund.
In an announcement, Yellow Card stated it intends to “develop into the dominant change throughout the continent.” The corporate not too long ago expanded into South Africa and Botswana and added 30,000 new distributors.
“Together with the fundraise, Yellow Card is asserting that will probably be launching its companies in Kenya and Cameroon beginning September 1,” stated the agency.
Kenya is already massive on crypto site visitors, rating third, behind South Africa, in peer-to-peer bitcoin (BTC) transactions. Nigeria’s commerce quantity of $34.four million in the second quarter of 2020 makes it Africa’s most energetic nation in 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 in the nation. It provides customers a number of fee choices together with money, bank card, and financial institution switch to by way of cryptocurrency.
In its assertion, the agency additionally introduced that Jason Marshall, former senior director of fee companies at Walmart, has joined the staff as its chief working officer.
Yellow Card was initially pitched round growing a Bitcoin reward card however adopted the target of “fundamental monetary companies for all” in 2018 after witnessing the excessive prices of sending cash to Nigeria by way of the banking system.
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