Yellow Card has raised $1.5 million in a seed spherical. The Nigerian crypto startup stated it’ll use the cash to increase its operations in Africa whereas making it simpler for folks on the continent to purchase and promote digital belongings.
Buyers within the new spherical embody Polychain, enterprise capital agency Andreessen Horowitz, and Celo, by means of the Celo Ecosystem Fund.
In a press release, Yellow Card stated it intends to “change into the dominant trade 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 providers in Kenya and Cameroon beginning September 1,” stated the agency.
Kenya is already huge on crypto site 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.
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 within the nation. It gives 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 providers at Walmart, has joined the workforce as its chief working officer.
Yellow Card was initially pitched round growing a Bitcoin present card however adopted the target of “primary monetary providers for all” in 2018 after witnessing the excessive prices of sending cash to Nigeria by means of the banking system.
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Andreessen Horowitz, Bitcoin present card, bitcoin remittances, Botswana, Cameroon, celo, Chris Maurice, Fund elevate, Justin Poiroux, Kenya, Nigeria, Polychain, Yellow Card
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