PANews reported on October 17 that according to Techcrunch, African crypto startup Yellow Card has completed a $33 million Series C investment, led by Blockchain Capital, with participation from Coinbase, Kraken, OpenSea, Worldcoin, Polychain Capital, Block, Inc., Winklevoss Capital, Third Prime Ventures, Castle Island Ventures, Galaxy Ventures, Blockchain Coinvestors and Hutt Capital. This brings Yellow Card's total funding to at least $88 million. The new funds will enable it to develop new products, strengthen its team and systems, and continue to lead engagement with regulators across the continent. Yellow Card was valued at $200 million in its $40 million Series B round in 2022, and Chris Maurice, the company's co-founder and CEO, said the current valuation of its crypto platform is a significant improvement compared to the Series B round.
According to reports, Yellow Card is an American cryptocurrency platform launched in Nigeria in 2019 and has since become the highest-funded cryptocurrency exchange on the African continent. Yellow Card served retail customers in the first few years after its launch, and has now turned to B2C, working with about 30,000 businesses in Africa and internationally, mainly helping them with payments and fund management through stablecoins. Yellow Card has two main products: the core on-off-ramp and the API suite.