How Nigeria-launched Yellow Card is now exchanging crypto throughout 12 African nations
Shaped in 2018 and launched in Nigeria in 2019, cryptocurrency change Yellow Card is now lively in 12 African nations and planning additional growth after banking US$15 million in Sequence A capital in September.
Yellow Card makes it straightforward for anybody, wherever in Africa, to purchase cryptocurrencies like Bitcoin, Ethereum and USDT Stablecoin utilizing money, cell cash, card, or financial institution switch. The corporate claims to be “constructing a brand new monetary infrastructure for the African continent”.
“Key to that is the truth that Yellow Card operates utilizing a B2C mannequin, slightly than a P2P one. This implies you purchase and promote your Bitcoin to and from Yellow Card, slightly than performing transactions with different buyers,” John Colson, the startup’s chief advertising and marketing officer, instructed Disrupt Afroca.
“Yellow Card is formalising the casual marketplace for digital belongings whereas constructing a brand new continent-wide monetary know-how infrastructure.”
Initially working in Nigeria, Yellow Card has scaled, and quick. It now gives over 160,000 clients in 12 nations the power to purchase, promote, make investments and commerce cryptocurrencies of their native foreign money, seeing a virtually 30X improve in customers throughout Africa because the begin of the COVID-19 pandemic. For Colson, there’s a clear motive why.
“Yellow Card is formalising the casual marketplace for digital belongings, beforehand a lot of the crypto buying and selling was achieved in WhatsApp teams. By constructing a proper change we helped to create a greater expertise for crypto merchants,” he stated.
Additional development is now on the agenda after the corporate closed a US$15 million Sequence A spherical, the most important ever raised by an African crypto change, in September. The spherical, which was led by Valar Ventures, Third Prime, and Citadel Island Ventures, will likely be used to assist the corporate develop into additional nations. Its record of present lively African markets consists of Nigeria, South Africa, Kenya, Uganda, Ghana, Cameroon, Botswana, Tanzania, Rwanda and Zambia.
“Launching in a number of nations is not any straightforward feat, nonetheless, our nice operations group works very arduous to make sure our launches go easily,” stated Colson.
“We have now seen large development within the markets we’ve got entered, there’s a actual demand for crypto in Africa.”