Nigeria-based Yellow Card, which has seen continuous growth in digital assets in Africa, has received investments of more than $ 1 million from a number of players in the crypto industry, including venture capital firm Andreessen Horowitz.
“Yellow Card raised $ 1.5 million from investors to fuel our expansion and establish us as the first buying and selling Bitcoin in Africa,” Chris Morris, Chief Executive Officer of the exchange, told Cointelegraph.
Pointing out that the preliminary round had ended, Morris added:
“We have collected 1.5 million from Andreessen Horowitz, Polychain, Celo and others. The goal of the increase is to help us grow and expand beyond Nigeria, South Africa and Botswana, where we are now the most in control.”
The use of cryptocurrencies has increased across Africa, Morris explained in a previous interview. Many people in the region are familiar with Bitcoin – just like the asset is in the United States. Much of the volume of cryptocurrency on the continent is processed through over-the-counter (OTC) transactions, although a yellow card is also offered as an option.
“We are excited about how cryptocurrencies can help modernize Africa’s financial infrastructure and better serve its people,” said Olaf Carlson Wi, CEO of Polychain Capital, in a comment on the yellow card. “Yellow Card’s first mobile suite of products, cryptocurrency-enabled, allows users to transfer, store or transfer value at a much lower cost, higher speed, and higher security than legacy, existing services,” he added.
In addition to increasing the capital, the Yellow Card decided to expand availability to Kenya and Cameroon, Morris explained, describing the use of Bitcoin in those regions based on their economic climate and local currency instability. The exchange opens to residents of Kenya and Cameroon on September 1.
Jason Marshall, the former senior director of payment services at Walmart, has also joined Yellow Card as Chief Product Executive (CPO) and summarizes a number of developments for the engagement.
Amid the ongoing global concerns about the COVID-19 pandemic, cryptography has taken its place in the spotlight as a growing alternative asset class.