African startups raise US$6 million from Pre-A round of financing – Emerging Markets Bitcoin News
The African Blockchain Lab recently stated that it has raised US$6 million in Series A financing and will use the funds to fund the launch of the crypto wallet.
Promote the adoption of cryptocurrency
Africa Blockchain Lab, an African cryptocurrency startup, recently confirmed that it has received $6 million in Series A funding. This round of financing was led by a consortium of global and African venture capital companies, such as horizontal frontier venture capital companies, CRE venture capital companies and Musha Ventures.
Global investors participating in this round of financing include Dragonfly Capital, Hashkey Capital, SNZ Capital, Fenbushi, Cadenza Capital, Head & Shoulder X, LeadBlock, Hash Global, Bonfire, Krypital and Despace.
According to Tech Space Africa Report, The startup is planning to use the funds raised to fund the launch of its crypto wallet called Vibra. The report also quoted Vincent Li, the co-founder of the African Blockchain Lab, who explained the mission of the startup and how it will use the financial support it receives to promote the adoption of cryptocurrencies across the continent. He said:
With the support of our strategic investors, we intend to start with our first product, VIBRA, to bring world-class technology stacks, projects and innovations to the African continent.
Inclusive financial ecosystem
At the same time, the same report cited Steven Green, a horizontal frontier, explaining why this venture capital company participated in the A round of financing. He also emphasized his company’s belief that “cryptocurrency can realize its potential as a technology and asset on the African continent.”
Pardon Makumbe, managing partner of CRE Venture Capital, said: “We believe that Africa has a generational opportunity to use decentralized technology to build a more collaborative and inclusive financial ecosystem, in which all participants are winners.”
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