Crypto

African Blockchain Lab Raises $ 6 Million to Improve Digital Asset Adoption in Africa – Nairametrics

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African Blockchain Lab, ABL, has raised $ 6 million in a series of pre-A investments to fund the launch of its VIBRA crypto wallet and drive mass adoption of digital assets in Africa.

According to a press release seen by Nairametrics, the funding round was co-led by a consortium of global investors such as African venture capital firms, Lateral Frontiers VC, CRE Venture Capital, Musha Ventures.

Similarly, the funding round also featured the participation of international blockchain investors Dragonfly Capital, Hashkey Capital, SNZ Capital, Fenbushi, Cadenza Capital, Head & Shoulder X, LeadBlock, Hash Global, Bonfire, Krypital, Despace and more. .

What are they saying

Commenting on the deal, Vincent Li, co-founder of the African Blockchain Lab, said that the platform was founded with a mission geared towards driving the mass adoption of digital assets and blockchain technologies in Africa. He added that the guaranteed investor fund will enable the company to bring world-class stacks of technology, projects and innovation to the African continent, starting with VIBRA, its first product.

Steven Grin, Managing Partner at Lateral Capital, noted that crypto adoption in Africa is growing exponentially. He said: “We believe that cryptocurrencies can realize their potential as a technology and asset on the continent while at the same time deepening financial access to the millions left outside of traditional financial services. We have seen the importance of user experience and community building when embracing new technologies and we are confident in the VIBRA management team’s mission to make cryptocurrencies a premier product for African consumers. “

Expressing enthusiasm to partner with the Vibra team, Pardon Makumbe, managing partner at CRE Venture Capital, said that the African continent has a generational opportunity to build a more collaborative and inclusive financial ecosystem using decentralized technologies, in which all players are winners. .

Mia Deng, partner at Dragonfly Capital also expressed her faith in VIBRA. She said: “Dragonfly has a long history of investing in infrastructure companies for the crypto asset class, from Bybit to Amber Group. We are optimistic in the category, as trade and investment are often the first use cases for adoption in any emerging market, so infrastructure companies must be created to facilitate these activities.

“In recent years we are starting to see a surge in trade in Africa, but we think this is just the beginning. VIBRA is well positioned to offer a great product to everyday African users. “

Deng Chao, Managing Director of HashKey Capital, noted that cryptocurrency is used to preserve your savings against currency devaluation, make remittances, and conduct business transactions. He said: “We always believe that Africa has enormous potential for cryptocurrency trading. And trading is not just an investment action, it is also based on local demand for payment and currency stability. VIBRA has a great resource of use cases, which can make it easy for you to implement payment and cryptocurrency trading in the application. We believe they can fulfill your vision of mass adoption of cryptocurrencies. “

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