Nigeria’s Yellow Card crypto exchange expands to new markets
Cryptocurrency exchange Yellow Card is looking to leverage a marked increase in the use of cryptocurrency in Africa and announced expansion into Botswana and South Africa markets.
The company issued a statement explaining it would enable users to buy and sell Bitcoin in these markets, officially going live with support for the Botswana pula (BWP) and South African rand (ZAR).
In its statement the company explains: “We’re now adding new currency support and expanding rapidly outside of West Africa, excited to bring the world of cryptocurrency to both the unbanked and the overcharged.”
Yellow Card added that its entry into Botswana makes it the “first and only exchange” in the region.
The exchange was founded by Chris Maurice and Justin Poiroux in 2016 with the intent to create a Bitcoin gift card. Its mission is to bring Bitcoin to Africa with the objective of “financial inclusion for all”.
According to Yellow Card, with the support of partner Munachi Ogueke, it has a base of 20 000 merchants and over US$25-million in transactions.
Experts in the cryptocurrency space have predicted a surge in value of Bitcoin within the next 12 to 18 months.
In early May 2020 Bitcoin made headlines after its block reward halving event with the expectation that this would result in an increase in the price of the cryptocurrency.