Chris Maurice - Afrikan Heroes

Yellow Card Receives First-Ever African Crypto Licence

October 26, 2022

Pan-African cryptocurrency leader, Yellow Card has made another significant stride in the industry, becoming the first cryptocurrency company on the continent to be granted a Virtual Asset Service Provider licence to operate in Botswana. The licence, in accordance with Section 11 of the Virtual Asset Act, 2022, was issued by the Non-Bank Financial Institutions Regulatory Authority [NBFIRA] on the 29th of September 2022 and will become the standard for crypto operations in the country.

Chris Maurice, CEO and co-founder of Yellow Card, says that this is a monumental moment for the company, its customers, investors and the crypto industry as a whole as it positively impacts everyone across the value chain.

“This opens up greater channels of expansion with regards to payment partners, banking and expanding our client base across Africa. This will further show regulators in other markets that we are not just any other cryptocurrency company – we are pioneering, pushing boundaries and setting the standard. All the more reason for them to work together with us as well,” he said.

Yellow Card complies with global AML, Sanctions as well as the FATF Travel Rule requirements and KYC of all customers across all jurisdictions. The company is also registered on GoAML and with local Financial Intelligence Units in most of its jurisdictions to help report on AML, Sanctions, and Financial Crime matters. The company also complies with the US Foreign Corrupt Practices Act.

Botswana is one of a few countries in the world taking significant steps to implement tighter regulations around cryptocurrencies and digital tokens. Previously, the Bank of Botswana warned of the risks of investing in unregulated cryptocurrencies. And now, with the licence in place, it will be more difficult for those who masquerade as legitimate Virtual Asset Service Providers to scam people.

Although Botswana has a small population, they boast a significantly strong purchasing power due to the Pula’s strength relative to other African currencies. When it comes to digital innovation, citizens have a high-risk tolerance and are always looking for the next big thing in the digital space. That said, the appetite for innovation and the challenges ordinary citizens face due to the lack of access is a massive gap in the Botswana market that Yellow Card is catering to.

Keletso Thophego, Botswana Country Manager for Yellow Card says, “The majority of the population is unbanked because of the increasing difficulty of getting bank accounts for the average people who do not have payslips. There’s no doubt that because of blockchain technology we have been able to cater to the unbanked in a faster and efficient way. With the new licence in place, the future of cryptocurrency trading and other digital tokens looks positive.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

First Crypto License In Botswana Goes To Yellow Card

October 25, 2022

Yellow Card, the Pan-African cryptocurrency pioneer, has achieved another big step forward in the market by being the first cryptocurrency firm on the continent to be awarded a Virtual Asset Service Provider licence to operate in Botswana. The licence was issued by the Non-Bank Financial Institutions Regulatory Authority [NBFIRA] on September 29, 2022, in compliance with Section 11 of the Virtual Asset Act, 2022, and will become the benchmark for crypto activities in the nation.

According to Chris Maurice, CEO and co-founder of Yellow Card, this is a watershed moment for the firm, its customers, investors, and the crypto sector as a whole, since it benefits everyone along the value chain.

“This opens up greater channels of expansion with regards to payment partners, banking and expanding our client base across Africa. This will further show regulators in other markets that we are not just any other cryptocurrency company — we are pioneering, pushing boundaries and setting the standard. All the more reason for them to work together with us as well,” he said.

Yellow Card complies with worldwide AML, Sanctions, and FATF Travel Rule standards, as well as KYC of all consumers in all jurisdictions. In addition, the firm is registered on GoAML and with local Financial Intelligence Units in the majority of its territories to assist in reporting on AML, Sanctions, and Financial Crime issues. The corporation also abides with the Foreign Corrupt Practices Act of the United States.

Botswana is one of just a few nations taking substantial moves to tighten legislation surrounding cryptocurrencies and digital tokens. The Bank of Botswana has warned about the dangers of investing in unregistered cryptocurrencies. With the licence in place, it will be more difficult for individuals impersonating legal Virtual Asset Service Providers to defraud consumers.

Despite its tiny population, Botswana has a relatively high buying power due to the strength of the Pula in comparison to other African currencies. Citizens have a high risk tolerance when it comes to digital innovation and are continuously seeking for the next great thing in the digital arena. Having said that, the need for innovation, as well as the obstacles that regular individuals encounter owing to a lack of access, is a significant vacuum in the Botswanan market that Yellow Card is filling.

Keletso Thophego, Botswana Country Manager for Yellow Card says, “The majority of the population is unbanked because of the increasing difficulty of getting bank accounts for the average people who do not have payslips. There’s no doubt that because of blockchain technology we have been able to cater to the unbanked in a faster and efficient way.

With the new licence, the future of bitcoin trading and other digital tokens appears bright. Yellow Card is one of the continent’s most dependable, safe, rapid, and certified crypto exchange platforms. Allowing Batswana to buy and sell Bitcoin, Ethereum, and USDT at the best possible rates in Pula.

Egypt’s KarmSolar Secures $2.4M To Scale Up Business

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh

Polychain Capital Leads $40M Series B Funding Round In African Crypto Exchange, Yellow Card

September 20, 2022

Pan-African digital currency trading platform Yellow Card has made the announcement that its $40 million Series B investment round is now complete, headed by Polychain Capital. Other investors like as Valar Ventures, Third Prime, Sozo Ventures, Castle Island Ventures, Fabric Ventures, DG Daiwa Ventures, and The Raba Partnership are also taking part in this round of funding.

The startup plans to utilise the capital to continue its expansion throughout the continent, create new products, establish key alliances across Africa, and drive business development, according to a statement released by the company.

“For the past three years, our team has worked tirelessly to make this technology accessible to anyone and create a world-class product. This fundraise, in the current market environment, not only showcases the resilience of our team but also clearly demonstrates the appetite and necessity for cryptocurrency in Africa,” Chris Maurice, CEO and co-founder of Yellow Card, said.

Why The Investors Invested

The cryptocurrency exchange claims to have reached a few of milestones since it closed its Series A investment of $15 million in August 2021. These milestones include expanding its footprint on the continent from 12 to 16 nations and providing stock options to every full-time employee. Yellow Pay, a blockchain-based method of transferring value internationally, was one of its first products, and by March 2022, the company had more than one million paying users.

Will Wolf, a partner at Polychain Capital, commented that the size of the round is indicative of the amount of business confidence displayed by new and current investors in the firm. This is especially true in light of the fact that fundraising activity has been on the decline recently.

“Yellow Card is the best executing team on the continent. We are impressed by the way they seamlessly adjust and adapt to the unique opportunities and demands of the various African markets. We’ve barely touched the surface of what is possible when it comes to crypto in Africa, and we’re excited for what’s to come,” he added.

A Look At What Yellow Card Does

Founded in 2016 by Chris Maurice and Justin Poiroux, Yellow Card started with an intent to create a Bitcoin gift card. Then, in 2018, Chris and Justin met a man at a Wells Fargo who was trying to send $200 dollars to his family in Nigeria. The bank charged him $90. They teamed up with Munachi Ogueke to undertake the mission of bringing Bitcoin to Africa with the objective of “basic financial services for all” and have since taken Nigeria by storm with 35,000+ merchants and over $35 million dollars in transactions as at 2020.

Yellow Card launched in Nigeria in 2019 using the original bitcoin gift card model. It eventually shifted to a crypto-based agency banking firm, which could have been great for the man who sent $200 home. The distribution of vital financial services to customers through a network of third-party agents, known as agency banking or agent banking, has been critical in the quest for financial inclusion in Nigeria and many other African countries.

Looking ahead, the company’s ultimate goal is to become a crypto service that allows Africans to send remittances, make payments, and preserve the value of their wealth from the constant depreciation of their currencies in many African countries. This is something that a lot of cryptocurrency sites already do. Yellow Card, on the other hand, seeks to set itself apart by developing products that do not require consumers to be crypto experts.

Yellow Card Series B Yellow Card Series B

Nigerian Cryptocurrency Startup Yellow Card Secures $1.5 million In Seed Funding Round

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexpert

Nigerian Crypto Exchange Yellow Card Raises $15m Series A funding

September 29, 2021

Chris Maurice, co-founder and chief executive officer (CEO) of Yellow Card

Yellow Card, the Nigerian cryptocurrency exchange has raised US$15 million in Series A funding to ramp up hiring and continue its expansion across the continent with the aim to make it easy for anyone, anywhere in Africa, to buy cryptocurrencies like Bitcoin, Ethereum and USDT Stablecoin using cash, mobile money, card, or bank transfer.

The company now has a presence in 12 African countries, and has seen a nearly 30X increase in users across Africa since the start of the COVID-19 pandemic. Its Series A funding round is for further expansion and to expand its team, which is already 110-strong.

The US$15 million round was led by Valar Ventures, Third Prime, and Castle Island Ventures, with participation from Square, Blockchain.com Ventures, Coinbase Ventures, Polychain Capital, BlockFi, Fabric Ventures, Raba Partnership, MoonPay, GreenHouse Capital, and more.

“Our mission has always been to make cryptocurrency accessible anywhere and everywhere across the African continent. Now, we have the backing to make that a reality, alongside an amazing team of investors who share our vision,” said Chris Maurice, co-founder and chief executive officer (CEO) of Yellow Card.

Valar Ventures’ James Fitzgerald said Africa was poised to benefit tremendously from cryptocurrency’s potential to transform financial services.

“We believe in Yellow Card’s vision of a pan-African cryptocurrency platform. What cemented the deal is their multi-national team, which we believe has the local knowledge, technical expertise, and unequivocal passion to address the basic financial services needs of the continent,” he said.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry