The Nigerian crypto startup, Yellow Card, says it has processed over $165 million in volumes in 2020 in Africa.
This figure represents a growth of more than 1, 840% compared to the previous 6 months since the startup launched in June 2019.
According to the Co-founder and CEO, Chris Maurice, Nigeria makes up 50% of the volume currently and is the most active market with over 35, 000 merchants.
“The $165 million only includes a customer buying bitcoin with fiat or selling bitcoin for fiat. We don’t inflate our numbers by counting every customer deposit and withdrawal as volume”
~ Chris Maurice, CEO, Yellow Card
Below are some of the countries Yellow Card is currently operational in:
The upcoming upgrade of the Yellow Card comes with more features to enable more seamless transactions. The app will support some of the local languages including:
Crypto remittances across Africa have seen an upsurge in 2020.
Recently, Binance announced that it had processed over $280 million on its P2P platform across Africa clearly showing the potential for the crypto space on the continent.
About Yellow Card
Yellow Card was founded by Chris Maurice and Justin Poiroux in 2016 with the 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 $200 dollars to his family in Nigeria.
The bank charged him an unjust fee of 90$. He decided to undertake the mission of bringing Bitcoin to Africa with the objective of “financial inclusion for all”, and since then with the help of his partner, Munachi Ogueke, they have taken Nigeria by storm with 20,000+ merchants and over $25 million dollars in transactions.
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