BusinessDay

African Blockchain Lab secures $6m for crypto wallet, mass adoption

African Blockchain Lab said it has secured $6 million Series pre-A investment to fund the deployment of its crypto wallet and drive mass adoption of digital assets in Africa.

The funding was co-led by a consortium of global investors such as Lateral Frontiers VC, CRE Venture Capital, Musha ventures as well as international blockchain investors Dragonfly Capital, Hashkey Capital, SNZ Capital, Fenbushi, Cadenza Capital, Head & Shoulder X, LeadBlock, Hash Global, Bonfire, Krypital, Despace, etc.

Founded in August 2018, African Blockchain Lab offers a home to companies and entrepreneurs building blockchain-based products and services relevant to African economies. One of its mandates is TO improve financial inclusion across Africa hence it offers Coinfirm’s AMLT Network, a system allowing people to report fraud and cybercrime related to cryptocurrency addresses and earn AMLT tokens in reward.

Vincent Li, co-founder of African Blockchain Lab said the platform was founded with a mission to drive mass adoption of digital assets and blockchain technologies in Africa. The company will now use the funding to push its first product VIBRA.

Read also: Bitcoin is better inflation hedge than gold, says expert

While crypto adoption in Africa is rising astronomically, the governments’ reaction in terms of policy direction. The cryptocurrency market is restricted in different ways in many countries on the continent. Experts however continue to believe that the future of economic development in Africa is in encouraging the adoption of cryptocurrencies and blockchain technology.

“We believe Africa has a generational opportunity to build a more collaborative and inclusive financial ecosystem using decentralised technologies, in which all players are winners,” Pardon Makumbe, managing partner at CRE Venture Capital said.

African Blockchain Lab in the coming weeks, the brand is getting to launch new features, like VIBRA earn, a crypto asset-saving product that lets users earn interest on a variety of crypto assets.

“We always believe Africa has a huge potential for crypto trading. And trading is not only an investment action, it’s also based on local demand for payment and currency stability. VIBRA has agreat resource of use cases, which can facilitate them deploying in-app crypto trading and payment. We believe they can fulfil their vision of crypto mass adoption,”

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