Square and Coinbase Invest in African Bitcoin Exchange Yellow Card in $15 Million Series A

The African cryptocurrency exchange Yellow Card raised $15 million in a Series A funding round. It was led by Valar Ventures, Third Prime and Castle Island Ventures with participation from Square’s Jack Dorsey and Coinbase Ventures.

Visit the Yellow Card website for the full release: https://t.co/HJjlwHTxlG

— Yellow Card App (@yellowcard_app) September 27, 2021

Other investors in the platform included Blockchain.com Ventures, Polychain Capital, BlockFi, Fabric Ventures, Raba Partnership, MoonPay, GreenHouse Capital and others.

Yellow Card was launched in Nigeria in 2018 and operates in 12 countries. According to the company, this is the largest geographic reach on the continent. During the pandemic, the number of users grew 30-fold.

The exchange’s 110-strong team is based in 16 jurisdictions.

The platform offers trading in Bitcoin, Ethereum and USDT.

included six African countries in the top-20 of the global cryptocurrency adoption ranking. The volume of transactions with digital assets on the continent grew 13-fold over the year.

“This influx of capital demonstrates that Africa occupies an important place in the crypto industry,” said Munachi Ogeke, Yellow Card’s Bitcoin director.

Earlier, Arcane Research analysts named the continent the most promising region for cryptocurrency development. Jack Dorsey has also voiced a similar view.