African Bitcoin exchange Yellow Card raises $40 million

African cryptocurrency exchange Yellow Card raised $40 million in a Series B financing round. It was led by venture firm Polychain Capital, according to a press release.

The funds were also provided by Valar Ventures, Third Prime Ventures, Sozo Ventures, Castle Island Ventures, Fabric Ventures, DG Daiwa Ventures, The Raba Partnership and others.

“This round in the current market not only demonstrates the resilience of our team, but also confirms the appetite and need for cryptocurrencies in Africa,” said the CEO and co-founder of the platform, Chris Morris.

The Yellow Card team will use the funds to scale operations, build new products and forge partnerships.

The exchange was launched in 2019 and operates in 21 countries, according to the release. The platform enables trading of Bitcoin, Ethereum, stablecoins and other digital assets.

In September 2021, Yellow Card closed a Series A round for $15 million. It was led by Valar Ventures, Third Prime and Castle Island Ventures with participation from Jack Dorsey’s Square and Coinbase Ventures.

Earlier in the summer of 2022, the authorities of the Central African Republic announced the Sango program, which will help the country enter the cryptocurrency industry.

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