Crypto Gateway Opens Doors to African Markets | The Guardian Nigeria News

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Yellow Card Secures $40M Series B Funding, Offers Bitcoin

A pan-African cryptocurrency exchange, Yellow Card, has announced the launch of its new payment API. The new product will allow businesses to access customers through Yellow Card 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 via the money and local bank transfer.

The Payments API allows businesses to collect and disburse local fiat currencies through mobile money and bank transfers, while Yellow Card handles cash management and conversion of local fiat currencies to/from local fiat currencies. from stablecoins such as USDT and USDC.

The platform explained that the automated conversion into stablecoins protects businesses from the volatility of African currencies. The product is perfect for crypto and other global companies looking to break into Africa, remittance companies looking to benefit from crypto rails, and FinTechs who need help with cash management , the company said.

Yellow Card CEO Chris Maurice said, “Our payment API is a game-changer for businesses looking to expand in Africa. With a single API, you can outsource cash management, collections and disbursements to 16 African countries. We are excited to see the impact this product will have on companies looking to expand their reach in various African markets.

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

Yellow card compliance with applicable regulations enables other businesses to expand seamlessly 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 the Series B funding round in September 2022, raising the total funds raised at $57 million.

The company also announced the winner of its global A Whole in Your Wallet campaign. The lucky winner, Julian Oti, a young Nigerian, was rewarded with a Bitcoin, redeemable for $30,200 at press time.

The campaign, which ran from February to April 2023, aimed to give yellow card users a soft landing after a rollercoaster ride in 2022 and a prolonged bear market into this year. It also aimed to empower cryptocurrency enthusiasts and ease their journey to financial freedom through smart business choices and money movement.

The campaign encouraged users to trade $10 daily on the exchange for 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 lottery, assisted and audited by an independent legal partner, Legalese, on April 4, 2023.

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