A $40 million Series B fundraising round for the cryptocurrency exchange Yellow Card, which focuses on Africa, was recently announced. The cryptocurrency exchange stated that it would use the funds obtained to “promote strategic collaborations across Africa” and finance the creation of new products.
The exchange platform’s most recent fundraising round, which Polychain Capital led, included the Raba Partnership, Jon Weiner, Alex Wilson, Pat Duffy, Valar Ventures, Third Prime Ventures, Sozo Ventures, Castle Island Ventures, Fabric Ventures, and DG Daiwa Ventures.
The chief executive officer and co-founder of Yellow Card, Chris Maurice, added the following in remarks that accompanied the statement:
“Our team has been working nonstop for the past three years to produce a product of the highest caliber while making this technology available to everyone. This fundraising effort in this area demonstrates our team’s tenacity and highlights how important and wanted cryptocurrencies are in Africa.”
Partner at Polychain Capital Will Wolf, for his part, lauded the Yellow Card team for its flexibility in responding to “the special opportunities and demands of the various African markets.”
Since the latest capital raising, Yellow Card has opened operations in four additional African nations: Gabon, Senegal, Rwanda, and the Democratic Republic of the Congo, which claims the cryptocurrency trading platform. There are now 16 African nations where Yellow Card conducts business.
