Cryptocurrency exchange Yellow Card has reportedly raised $1.5 million in a seed round and is aiming to expand across the African continents. Yellow Card was founded in 2016 and entered the Nigerian market in 2019 with its unique product and the mission of financial inclusion for everyone, which has earned it a notable seat in the cryptocurrency exchange business in Nigeria.
With the new funding round from investors like Polychain, venture capital firm Andreessen Horowitz and Celo, Yellow Card aims to replicate the successes it has achieved within its period in Nigeria in other regions in Africa.
According to Yellow Card, it entered the African market with a mission of financial inclusion which was encouraged by the “dismal state” of the indigenous banking system which requires exorbitant transaction fees from customers which makes it difficult for citizens to benefit from the banking system.
Yellow Card noted since it launched in Nigeria, it has successfully helped many locals and Nigerians in diapora to use Bitcoin to simplify this access to financial services and with the lasted funding, it aim to bring “ease of transaction to every African country until the mission of “Financial Inclusion for All” is accomplished”.
Yellow Card Expansion to other regions
Yellow card is reportedly live in Kenya and Cameroon. Few months ago, the exchange also announced it had expanded to other South Africa and Botswana. These four countries including Nigeria, makes the exchange to be operational in five (5) nations. And it “is working hard to expand its operations to other countries soon”.
John Colson, CMO of Yellow Card speaking on the performance of Yellow Card was quoted saying:
“In the month of August alone, we saw over 20,000 new sign-ups on our platform, with the majority of those from Nigeria. This tells us that Nigerians are coming to understand the importance of Bitcoin in helping manage their wealth.” According to John, “Bitcoin is the obvious answer” to the Nigerian economic crisis which has made locals skeptical in investments in fiat money.
In an interview with John Colson, when asked by CryptoTvplus what new features users should be looking upto, he mentioned Yellow Card will expanding to more African countries which it’s currently pursuing and will include multi-currency support and some other additional features such as SMS Portal for feature phone, stablecoins, Savings, Lending, Securities, staking etc.
Yellow Card aims to bring “ease of transaction to every African country until the mission of “Financial Inclusion for All” is accomplished”.
