Africa Blockchain Lab recently announced that it has raised $ 6 million from a pre-Series A investment round and will use the capital to fund the launch of a crypto wallet.
Promote the acceptance of cryptocurrencies
An African crypto startup, Africa Blockchain Lab, recently confirmed it had received $ 6 million from a pre-Series A investment round. The round was led by a consortium of global and African venture capital firms such as Lateral Frontiers VC, CRE Venture Capital and Musha Ventures.
Global investors who participated in this round include Dragonfly Capital, Hashkey Capital, SNZ Capital, Fenbushi, Cadenza Capital, Head & Shoulder X, LeadBlock, Hash Global, Bonfire, Krypital and Despace.
According to a Tech Space Africa report, the startup plans to use the raised capital to fund the launch of its crypto wallet called Vibra. The report also quotes Africa Blockchain Lab co-founder Vincent Li, who explains the startup’s mission and how it will use the financial support it has received to drive the adoption of cryptocurrencies across the African continent. He said:
With the support of our strategic investors, we intend to bring first-class technology stacks, projects and innovations to the African continent, starting with our first product VIBRA.
Inclusive financial ecosystem
The same report, meanwhile, quotes Steven Grin of Lateral Frontiers, who explains why the venture capital company took part in the pre-series A-round. He also emphasized his firm’s belief that “crypto can reach its potential as a technology and asset on the continent”.
Pardon Makumbe, Managing Partner at CRE Venture Capital, said: “We believe that Africa has an intergenerational opportunity to use decentralized technology to build a more collaborative and inclusive financial ecosystem in which all actors are winners.”
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Source: Crypto News Austria