CoinNewsExtraTV recently sat down with Lasbery Chioma Oludimu, the Vice President of Global Operations and Managing Director of Yellow Card Nigeria, to discuss the cryptocurrency exchange’s recent achievements, its $33 million Series C funding round, and its commitment to advancing financial inclusion across Africa.
Q1: Yellow Card recently secured $33 million in Series C funding. What does this round mean for the company?
Lasbery Chioma Oludimu:
The Series C funding round was led by Blockchain.com and supported by major investors like Block and Coinbase. This funding reinforces our mission and strategy for growth. With a total of $85 million raised since our inception in 2019, the capital will allow us to expand our product offerings, enhance customer service, and extend our reach into new markets across Africa. Block and Coinbase, both with a combined market capitalization exceeding $50 billion, bring significant credibility and confidence to our vision.
Q2: What are Yellow Card’s plans for market expansion and product development?
Lasbery Chioma Oludimu:
Our strategy is twofold: we are focusing on entering untapped markets while strengthening our presence in key existing ones like Nigeria. We’re also prioritizing human capital development. This funding will allow us to invest in our team, identify resource gaps, and expand key departments that are critical to our mission. Our goal is to make cryptocurrency more accessible and help people embrace the benefits of financial inclusion.
Q3: Can you elaborate on Yellow Card’s role in financial inclusion, particularly in Africa?
Lasbery Chioma Oludimu:
Financial inclusion is central to our mission. By providing access to cryptocurrency through a smartphone, we break the traditional barriers to banking. Our platform allows both on-ramp and off-ramp exchanges, enabling people to enter and exit the cryptocurrency market seamlessly. We aim to connect underserved populations to the global financial system, empowering them with tools that were previously unavailable.
Q4: How does Yellow Card approach education to foster financial inclusion?
Lasbery Chioma Oludimu:
Education is the cornerstone of our approach. We believe that the best way to introduce new innovations, like cryptocurrency, is through education. Whether or not customers immediately adopt our products, our key goal is to ensure they understand what cryptocurrency is and how it can benefit them. This educational focus helps demystify the technology and builds trust, which is crucial for adoption.
Q5: What are the current trends you see in the cryptocurrency space, particularly in Africa?
Lasbery Chioma Oludimu:
In 2024, stablecoins have emerged as a major trend, surpassing Bitcoin in transaction volume globally, especially in Africa. Due to currency volatility in the region, stablecoins are increasingly used for value storage and cross-border transactions. While other parts of the world use cryptocurrency for speculation, Africans are leveraging it for practical solutions, which speaks to a growing reliance on stablecoins.
Q6: What role does regulation play in the growth of the cryptocurrency industry in Africa?
Lasbery Chioma Oludimu:
Regulation is crucial for the longevity and stability of the industry. At Yellow Card, we prioritize working with regulators to ensure the market remains safe and sustainable. In Nigeria, we’ve seen progress with the Securities and Exchange Commission (SEC), especially with the launch of the regulatory incubation program. We’ve also been proactive in securing licenses across Africa, such as the EVAPS license in Botswana and operating under the sandbox framework in Zambia. By collaborating with regulators, we ensure that we create a secure environment for users while fostering innovation.
Q7: How does Yellow Card ensure security and user protection on its platform?
Lasbery Chioma Oludimu:
Security is a top priority for us. We’ve implemented strong measures to protect our users and ensure safe trading environments. Unlike peer-to-peer platforms, every transaction on Yellow Card is conducted directly through us as the counterparty, ensuring legitimacy. We also require a comprehensive KYC (Know Your Customer) process before trading, which helps us maintain a secure marketplace and protect our customers.
Q8: What does the future hold for Yellow Card and the cryptocurrency space in Africa?
Lasbery Chioma Oludimu:
The future looks promising, especially with the continued rise of stablecoins, which we believe will have new use cases and innovations in the coming years. By 2025, we expect to see more regulatory frameworks in place across Africa, and Yellow Card is positioning itself to be ahead of these developments. We are continuously refining our systems to align with financial service regulations, ensuring that we can remain a leader in the African cryptocurrency space.
Q9: What sets Yellow Card apart as a leader in the cryptocurrency exchange industry in Africa?
Lasbery Chioma Oludimu:
Yellow Card’s leadership is demonstrated through our achievements: we’ve raised $85 million since 2019, and we operate in 20 African countries—more than any competitor. Our focus on solving real-world problems, like cross-border payments, through stablecoins rather than just facilitating speculative transactions sets us apart. Our experienced global team and robust systems ensure that we are prepared for the future, both in terms of innovation and regulatory compliance.
Conclusion:
Yellow Card’s impressive growth, commitment to education, and proactive approach to regulation place the company at the forefront of Africa’s cryptocurrency revolution. With its ambitious expansion plans and strategic vision, Yellow Card is poised to lead the charge in financial inclusion across the continent,providing underserved populations with innovative financial solutions.
