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- 1 The cryptocurrency exchange secured $57 million in two different funding rounds.
- 2 Yellow Card is currently waiting for a green signal from the Nigerian SEC to operate in the country.
Yellow Card is one of the leading cryptocurrency exchanges that raised $57 million to expand its operation in different continents. Since September 2019 the exchange has raised funds in five different funding rounds. Rachael Akalia, the regional marketing head of West Africa said that Yellow Card raised $15 million in a Series A funding round where more than 12 investors participated, but funding was led by Castle Island Ventures, Third Prime, and Valar Ventures.
The South African crypto exchange secured $40 million in its Series B funding led by Polychain. So far the exchange has garnered over 20 investors in five different funding rounds. These investment rounds were also backed by some institutional investors like DG Daiwa Ventures, Fabric Ventures, Third Prime, and Raba. Chirs Maurice co-founded and serves as the Chief Executive Officer of the Yellow Card.
Justin Poiroux is also the co-founder of Yellow Card and holds the position of Chief Technology Officer. The primary motive behind founding Yellow Card is to make trading simple and move money smartly without any barriers. Earlier on April 17 2023 Yellow Card announced that it has partnered with Block the company who have developed Cash Application and Square. The collaboration will enable the feature of cross-border payments in more than 16 African countries.
Block and Yellow Card is working on the development of a channel that can facilitate cross-payments in Nigeria, South Africa, and Ghana including many other African countries.
According to the World Bank data, sending $200 from the United States to South Africa charges $4.94. Similarly sending $200 from the US to Sub-Saharan Africa charges $8.46 which is around double the charges implemented for sending money to South Africa.
By the end of the first quarter of 2023, TBD, Block’s subsidiary, and Yellow Card crypto exchange conducted a pilot program to test their cross-border payment by sending money between the US, Kenya, Nigeria, and Ghana. The partnership of Block and Yellow Card came after securing funds from the co-founder and 680th richest business Jack Dorsey.
The crypto exchange is planning to expand its operations in Nigeria, but the Nigerian regulators have banned the trading of crypto including other digital assets. Rachael told Bloomberg that the exchange has initiated discussion with the Nigerian Securities and Exchange Commission to operate in the country as a crypto exchange. The discussion slowed; the Nigerian SEC hasn’t released any guidelines on registering crypto firms but will fast-track the process soon after the release.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
