African startup raises $ 6million in pre-series A funding round

Africa Blockchain Lab recently announced that it has raised $ 6 million in a pre-Series A investment round and will use the capital to fund the launch of a crypto wallet.

Foster the adoption of cryptocurrencies

An African crypto startup, Africa Blockchain Lab, recently confirmed that it 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 as Lateral Frontiers VC, CRE Venture Capital and Musha Ventures.

Global investors who participated in this round are 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 finance the launch of its crypto wallet known as Vibra. The report also quotes Africa Blockchain Lab co-founder Vincent Li as explaining the startup’s mission and how it will use the financial support it has received to drive cryptocurrency adoption across the African continent. . He said:

With the support of our strategic investors, we intend to bring world-class stacks of technology, projects and innovations to the African continent, starting with our first product VIBRA.

Inclusive financial ecosystem

Meanwhile, the same report quotes Steven Grin of Lateral Frontiers as explaining why the venture capitalist participated in the pre-series A round. He also underscored his firm’s belief that “crypto can realize its potential as as technology and an asset on the continent ”.

Pardon Makumbe, Managing Partner at CRE Venture Capital, said: “We believe Africa has a generational opportunity to build a more collaborative and inclusive financial ecosystem using decentralized technologies, in which all stakeholders are winners.

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Terence zimwara

Terence Zimwara is an award winning journalist, author and writer from Zimbabwe. He has written extensively on the economic problems of some African countries as well as how digital currencies can provide Africans with an escape route.














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