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Yellow Card raises $33M to expand stablecoin use in Africa

Yellow Card raises $33M to expand stablecoin use in Africa

GrafaGrafa2024/10/21 05:00
By:Isaac Francis

Yellow Card, a stablecoin platform focused on Africa, has secured $33 million in a Series C funding round led by Blockchain Capital.

This funding brings the company’s total equity financing to $85 million.

Other participants in the round included Polychain Capital, Third Prime Ventures, and Winklevoss Capital.

In a statement released on October 16, Yellow Card highlighted the significance of the financing round, which will support the company’s growth and expansion across the continent.

The funds will be used to strengthen its team, enhance systems, and further develop products that promote stablecoin adoption in Africa.

CEO Chris Maurice emphasised the company's commitment to exploring opportunities and expanding partnerships within the digital asset space.

Yellow Card has previously raised $55 million in Series A and B rounds and has partnered with key players in the digital asset industry, including Fireblocks, Coinbase, Stellar, and Alchemy Pay.

Aleks Larsen, General Partner at Blockchain Capital, expressed support for Yellow Card’s efforts to expand stablecoin use in Africa.

The newly secured capital will help Yellow Card further its mission of increasing access to stablecoins and digital assets across the African market, with plans for continued development and partnerships aimed at growing its presence in the region.

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