Cryptocurrency Exchange Yellow Card secured $15 million in Series A Funding round

Yellow Card, a South Africa based African Cryptocurrency Exchange, has now secured $15 million in a Series A funding round.

Yellow Card was founded by Chris Maurice. The Cryptocurrency exchange startup makes it easy for everyone in Africa to buy crypto with the help of mobile money, crypto, bank transfer, card, or mobile money. The crypto startup enables anyone on the continent to buy, spend, sell and store Bitcoin, USDT, or Ethereum to solve primary financial service issues.

According to MarketsAndMarkets report, the global cryptocurrency market size is expected to reach $2.2 billion by 2026 from $1.6 billion in 2021.

Valar Ventures' James Fitzgerald, said, "Africa is poised to benefit tremendously from cryptocurrency's potential to transform financial services. We believe in Yellow Card's vision of a Pan-African cryptocurrency platform. What cemented the deal is their multi-national team, which we believe has the local knowledge, technical expertise, and unequivocal passion to address the basic financial services needs of the continent."

Yellow Card's Chief Bitcoin Officer, Munachi Ogueke, said, "This raise is a validation that Africa has a major place in the crypto industry. With the access that Yellow Card brings, powered by this raise, we can now let crypto proliferate and be a reliable enabler for people across the continent."

According to another report from Valuates report, the cryptocurrency market size is projected to reach USD 4.94 billion by 2030. The report identifies Binance and Coinbase are top cryptocurrency exchanges with 12.66% and 7.27% of revenue in 2019 respectively.

 

The latest funding round for the Yellow Card crypto exchange was backed by the Third Prime, Castle Island Ventures, and Valar Ventures. Other participating investors include Blockchain.com, Square Inc, Coinbase Ventures, blockFi, Raba partnership, GreenHouse Capital, MoonPay, and Fabric Ventures.

The cryptocurrency exchange startup, as of now has plans to use the new funds to ramp up its hiring and continue its expansion across the different continent.