Crypto gateway opens doors to African markets

 

In this photo illustration, a visual representation of the digital Cryptocurrency, Bitcoin is on display in front of the Bitcoin course’s graph. Photo: AFP

By Adeyemi Adepetun

Yellow Card secures $40m Series B funding, gives away one bitcoin

A pan-African cryptocurrency exchange, Yellow Card, has announced the launch of its new Payments API. The new product will enable businesses to on-and-off-ramp customers through Yellow Card’s

crypto rails.

Being the largest cryptocurrency exchange on the continent, Yellow Card allows businesses instant access to its collection and disbursement rails in 16 African countries as well as the ability to offer their customers local payment methods through mobile money, and local bank transfer.

The Payments API enables businesses to collect and disburse local fiat currency through mobile money and bank transfer, while Yellow Card handles the treasury management and conversion of local fiat to/from Stablecoins such as USDT and USDC.

The platform explained that the automated conversion to Stablecoins safeguards businesses from the volatility of African currencies. The product is perfect for crypto companies and other global companies looking to break into Africa, remittance companies looking to benefit from crypto rails and FinTechs that need help with treasury management, the firm claimed.

Yellow Card’s Chief Executive Officer, Chris Maurice, said: “Our Payments API is a game-changer for businesses looking to expand across Africa. With one API, you can outsource treasury management, collections, and disbursements across 16 African nations. We’re excited to see the impact this product will have on businesses looking to expand their reach into various African markets.”

Understanding the importance of pricing in African markets, Yellow Card offers competitive exchange rates in all countries through the API as well as industry-low fees for using our rails.

Yellow Card’s compliance with relevant regulations allows for other businesses to seamlessly expand into new African countries, fosters trust with customers, and strengthens their overall reputation.

The company revealed that after raising the largest Series A round for any African crypto company in 2021, the exchange secured $40 million in Series B Funding Round in September 2022, bringing the total fund raised to $57 million.

The firm also announced the winner of its ‘A Whole in Your Wallet’ global campaign. The lucky winner, Julian Oti, a young Nigerian, has been rewarded with a Bitcoin, exchanging for $30,200 at press time.

The campaign, which ran from February to April 2023 aimed at giving Yellow Card users a soft landing following a rollercoaster in 2022 and a prolonged bear market running till this year. It also sought to empower Cryptocurrency enthusiasts and facilitate their journey to financial freedom through smart trading choices and money moves.

The campaign encouraged users to carry out $10 worth of transactions daily on the exchange to stand a chance to win the grand prize of one Bitcoin at the end of the campaign or $250 worth of cryptocurrency every week. The winner was selected via a transparent draw, witnessed and audited by an independent legal partner, Legalese, on April 4, 2023.