Yellow Card, a Nigerian crypto startup said it would use USD 1.5 million of its funds to extend its operations in Africa while making it much more comfortable for the locals on the region to buy and sell digital assets.
Investors in the new round include Polychain, venture capital firm Andreessen Horowitz, and Celo, through the Celo Ecosystem Fund.
In a report, Yellow Card said it plans to “become the dominant exchange across the continent.” The firm lately expanded into South Africa and Botswana and added 30,000 new merchants.
“Along with the fundraise, Yellow Card is announcing that it will be launching its services in Kenya and Cameroon starting September 1,” said the firm.
Kenya is now big on crypto traffic, ranking third, behind South Africa, in peer-to-peer bitcoin (BTC) trades. Nigeria’s trade volume of $34.4 million in the second quarter of 2020 makes it Africa’s most progressive country in the digital asset space.
Established in 2016 by Chris Maurice and Justin Poiroux on a business inclusion pitch, Yellow Card claims over 35 thousand merchants in Nigeria. The corporation says it has managed more than $35 million in transactions in the nation. It allows users multiple payment selections including cash, credit card, and bank transfer to via cryptocurrency.
In its announcement, the firm also stated that Jason Marshall, former senior director of payment services at Walmart, has joined the team as its chief operating officer.
Yellow Card was originally pitched throughout producing a Bitcoin gift card but assumed the goal of “basic financial services for all” in 2018 after observing the high costs of transferring money to Nigeria into the banking operation.