1Cryptocurrency isn’t only raising the game within Asia and the United States, it is a worldwide success story. Yellow Card, a Nigerian-owned crypto exchange, managed to acquire in excess of a million dollars in investment. These investments were from numerous sources within the industry, notably Polychain, who oversees the Celo Ecosystem Fund.
Looking Into Crypto Usage In Africa
The CEO of Yellow Card, Chris Maurice, shared how they plan to use the $1.5 million funding. The aim of the investment is to transform Yellow Card to the foremost Bitcoin exchange on the continent. This will help the firm to transition out of Namibia, Botswana and South Africa to the rest of Africa.
Maurice has previously discussed how crypto usage is increasing within Africa. In addition, he shared how knowledge over Bitcoin is fairly prevalent. At present, the majority of crypto transactions appear to be over-the-counter or OTC.
CEO of Polychain, Olaf Carlson Wee, shared how they are enthusiastic about their investments ability to transform. They are confident that through this project, they can join in with the further development plans of Africa.
Examining Yellow Card In More Detail And Their Plans
One of the key points of Yellow Card is that they are a mobile-first application, which is critical in Africa. The system further gives users the ability to purchase tokens, store them securely and then revoke the value. All of this happens at reasonable fees, in an environment that is both agile and tailored to the individual.
Furthermore, Yellow Card has declared how they will begin expansion immediately in Kenya and Cameroon. The motivation behind this is that their political climate and economic environment are supportive of crypto. The citizens of Kenya and Cameroon will be able to access Yellow Card as of 1 September 2020.
Former financial director at Walmart, Jason Marshall, has signed on at Yellow Card as their Chief Product Officer. This has added further confidence to the recent investment announcement.
Japanese Firm SBI Will Launch CFDs For Crypto Tokens
A contract for difference, or CFD, is an agreement where the variance between the opening and closing price is valued. This variation will then be transferred to the holding party in cash or some other agreed-upon method of exchange. The Japanese financial organization SBI will be launching CFDs for well-known crypto tokens.
These will be available from the 31st of August 2020 and will encompass tokens such as Bitcoin, Ether, and Ripple. This new offering will be extended through SBI’s division, SBI FX Trade. An individual can register on the platform before the 31st of August though.
Users will be able to trade these CFDs against the US Dollar or the Japanese Yen. This will result in an additional six pairs for exchange. This has caused quite a stir, as SBI FX Trade will be the initial forex exchange company to offer this. However, SBI is not entirely alien to crypto and has been involved in the industry for several years.