Yellow Card’s Nigeria team.
In 2013, Chris Maurice and Justin Poiroux fabricated over $40,000 affairs bitcoin on eBay, charging buyers a 100% markup. It was activity able-bodied for them until they were hit with acclaim agenda chargebacks. They tweaked their archetypal to abstain accepting acclaim cards directly, finer eliminating the accident of chargebacks. That accommodation began the adventure that birthed Yellow Card, area Maurice now serves as the CEO and Poiroux as the arch technology officer.
Their aboriginal abstraction was an in-person archetypal that complex announcement ads on Craigslist and LocalBitcoins, with the meetup area actuality Taco Bell outlets beyond the Eastern United States.
“We absitively we capital to do article added scalable, and the abstraction was we would put allowance cards in Walmart, CVS, etc., area anyone could airing in, buy the allowance agenda and redeem it for crypto,” Maurice said.
Yellow Card’s approaching would alpha pointing adjoin Africa aback Maurice met a Nigerian man at a Wells Fargo in Auburn, Alabama, who was sending $200 to his family. The coffer answerable him $90 to accelerate $200 to his ancestors in Nigeria.
“I talked to the guy, ‘Hey, accept you heard of bitcoin? It’s free, instant, fun and all this abundant stuff’,” Maurice said. “But I went home and aloof kept cerebration about his mom; I was envisioning this aged woman in Nigeria who apparently hardly knows how to use the internet with $200 in bitcoin on her phone. All I could anticipate is this doesn’t break annihilation for anyone.”
Maurice became absorbed in acquirements as abundant as he could about Nigeria and its budgetary system, which led him to accommodated Munachi Ogueke via LinkedIn. Ogueke is now Yellow Card’s arch bitcoin officer.
Chris Maurice and Munachi Ogueke afterwards affair on LinkedIn.
Yellow Card, now a Pan-African cryptocurrency exchange, with operations in 12 countries beyond the continent, has appear the accession of $15 actor Series A funding, led by Valar Ventures, Third Prime and Castle Island Ventures.
Third Prime got a bench on the crypto company’s board.
This is the better allotment by a B2C crypto barter on the continent.
Jack Dorsey’s Square, Coinbase Ventures and Blockchain.com Ventures additionally alternate in the round.
Dorsey has been a allegiant bitcoin adherent for years, with his companies Twitter and Square actively amalgam the cryptocurrency into their products. Twitter appear on Sept. 23 that users can now tip their admired creators with bitcoin. Dorsey additionally visited a few African countries in 2019, during which he abstruse added about Africa’s growing tech ecosystem. At the end of his bout of Africa, he tweeted: “Africa will ascertain the approaching (especially the bitcoin
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