Blockchain Capital leads $33 million Series C in African stablecoin exchange Yellow Card

by RT Watson

Venture Capital • October 17, 2024, 2:35PM EDT

Published 1 minute earlier on

The Block

Quick Take

Blockchain Capital has led a $33 million Series C funding round in African stablecoin exchange Yellow Card.
Other participants included Polychain Capital, Third Prime Ventures, Castle Island Ventures, Block, Inc., Galaxy Ventures, Blockchain Coinvestors, Hutt Capital, and Winklevoss Capital.

Crypto VC Blockchain Capital has led a $33 million Series C funding round in the African stablecoin exchange Yellow Card.

Nigeria-based Yellow Card, a Coinbase portfolio company, has now raised a total of $85 million in "completed equity financings," according to a statement. At the beginning of this year, Coinbase partnered with Yellow Card to expand access to its products in 20 countries across the African continent.

"This newly secured capital will be applied to fund growth and expansion, particularly through enhancing Yellow Card’s API and widget products, the gateways for international businesses (including Coinbase and Block) to tap into African markets," Yellow Card said in its statement.

Other participants in the Series C included Polychain Capital, Third Prime Ventures, Castle Island Ventures, Block, Inc., Galaxy Ventures, Blockchain Coinvestors, Hutt Capital, and Winklevoss Capital.

"This fundraise not only demonstrates our resilience, but also highlights the vital role of digital assets for businesses across Africa,” Yellow Card co-founder and CEO Chris Maurice said in the statement.

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About Author

RT Watson is a senior reporter at The Block who covers a wide array of topics including U.S.-based companies, blockchain gaming and NFTs. Formerly covered entertainment at The Wall Street Journal, where he wrote about Disney, Netflix, Warner Bros. and the creator economy while focusing primarily on technological disruption across media. Previous to that he covered corporate, economic and political news in Brazil while at Bloomberg. RT has interviewed a diverse cast of characters including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers and convicted criminals. Holds a master's degree in Digital Sociology.