Nigerian Crypto Exchange Yellow Card Raises $40M in Series B Funding Round

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Nigerian cryptocurrency exchange Yellow Card Financial announced today that it has raised $40 million in a Series B funding round led by Polychain Capital. 

The investment round also saw participation from old and new investors including Valar Ventures, Third Prime Ventures, Sozo Ventures, Castle Island Ventures, Fabric Ventures, DG Daiwa Ventures, The Raba Partnership, Jon Weiner, Alex Wilson, Pat Duffy, and others.

Yellow Card Raises $40M to Continue Expansion Spree

Launched in Nigeria in 2019, Yellow Card is a cryptocurrency exchange that offers investors ways to buy and sell cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), and USDT stablecoin.

The company noted that it will use the fresh capital to accelerate its business growth, continue its expansion across Africa, develop new products, and sponsor new partnerships.

Chris Maurice, CEO and co-founder of Yellow Card, believes the latest funding is the result of “relentless hard work towards a common goal.”

“For the past three years our team has worked tirelessly to make this technology accessible to anyone and create a world-class product. This fundraise in this market not only showcases the resilience of our team but also reiterates the appetite and necessity for cryptocurrency in Africa,” Maurice said.

The latest funding follows the company’s $15 million raise a year ago in a Series A funding round led by Valar Ventures, Third Prime, and Castle Island Ventures. The latest fundraiser now brings the total funds raised by the exchange to date to $57 million, more than any crypto firm in Africa.

The company noted that since last year’s raise, it has expanded from 12 African countries to 16, made significant hires, enabled stock options for all full-time employees, launched Yellow Pay, and surpassed 1 million users.

Investors Unfazed by Bear Market

Meanwhile, investors remain unfazed by the current bear market and have continued to pour money into crypto-related projects recently.

Earlier this month, Mysten Labs, a Web 3 infrastructure provider, secured $300 million in a Series B funding round from FTX Ventures, a16z crypto, O’Leary Ventures, Jump Crypto, Apollo, Binance Labs, Sino Global, Franklin Templeton, and others.

Just recently non-fungible token (NFT) maker Doodles raised $54 million in its first funding round led by Seven Seven Six, the venture-capital firm created by Reddit co-founder Alexis Ohanian.

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