Yellow Card, a cryptocurrency exchange, has emerged as the largest centralized platform in Africa since its establishment in 2019. According to reports, the platform has processed transactions worth $1.75 billion to date. Chris Maurice and Justin Poiroux are the co-founders of Yellow Card, and they launched the platform from their dorm room in Auburn, Alabama, in 2019.
Yellow Card Users Do Not Keep Their Assets On The Platform For A Long Time
Yellow Card, much like Block’s Cash App, allows users to purchase cryptocurrencies using fiat currencies, which can then be transferred across borders, however, unlike centralized exchanges such as Coinbase, where customers tend to hold their digital assets for an extended period of time in the hopes of them increasing in value, Yellow Card’s customers usually hold their money for less than five minutes.
In a recent interview with CNBC, co-founder Chris Maurice elaborated on this, stating that the process is akin to depositing a million francs in Cameroon, purchasing BTC or USDT, and then transferring it.
Yellow Cart is Actively Used in 16 Countries in Africa
Yellow Card’s exchange platform enables users to send money to 16 different countries across Africa. It has simplified the process of converting cryptocurrencies back to local currencies at the receiving end of the transaction.
Since its inception in 2019, the platform has grown to become the biggest centralized cryptocurrency exchange in Africa. The company, which employs roughly 220 individuals, currently boasts 1.4 million users throughout the continent.
Yellow Card has experienced tremendous success since its launch, facilitating $1.75 billion in trades and boasting a valuation of $200 million. The platform typically processes around $5 million in trades on a good day and has raised $57 million in funding from investors, including Block and Valar Ventures. The company’s success can be attributed to its streamlined process of converting cryptocurrencies back to local currencies at the other end of the transaction and its ability to allow users to buy cryptocurrencies using fiat currencies and transfer them across borders. Yellow Card has become Africa’s largest centralized cryptocurrency exchange, with 1.4 million users and around 220 employees.
Yellow Card co-founder Chris Maurice aims to turn the cryptocurrency exchange into a billion-dollar business by expanding its services beyond its current presence in 16 African countries. He recognized that there were many untapped opportunities in other African nations and aimed to be the first to seize them.