Just of recent, Yellow Card announced that it will be expanding its services to South Africa and Botswana as the African cryptocurrency usage skyrockets.
Yellow Card, a fast-growing cryptocurrency exchange that graduated from the Binance Labs Incubator and is fairly popular in Nigeria intends to expand out of West Africa into other parts of Africa like the Southern African markets.
It was on Friday, May 15 that trading of Bitcoin on Yellow Card went live. Yellow Card will be made the first high profile exchange in Botswana thanks to the addition of Botswana’s BWP and South Africa’s ZAR trading pairs.
It was back in 2016 that Yellow Card was launched as a bitcoin gift card platform that has evolved into an exchange by Chris Maurice and Justin Poiroux. According to these two, they came up with the project after meeting a man at Wells Fargo who was struggling to send $200 dollars to his family in Nigeria.
According to them, the high fee charged by the bank made them to realize how hard it was for people living on the continent to take part in the global market place. The platform was initially launched in Nigeria and claimed to have over 20,000 merchants. In addition, they also claimed to have completed over $25 million dollars in transactions.
It is without a doubt that cryptocurrency activity for the past weeks on the continent has significantly increased. Many people are attributing this significant increase to the current pandemic, Corona Virus. Speaking on this matter, CEO of Yellow Card, Chris Maurice pointed to the fact that the current crisis has highlighted the need for a better form of currency.
“I think COVID is helping to bring the importance and practicality of crypto mainstream, especially in Africa. When you look at what has happened across the continent in terms of inflation and currency devaluation over the last few months, people are trying to find something to help secure their wealth. Others are out of work and are looking for a new source of income.
Crypto offers so many opportunities to people around the world, and we’re excited to continue expanding across the continent and the region to make sure that anyone, anywhere has access to this technology” says Chris Maurice.
As of the time of writing, the exchange also intends to expand to more markets soon.