Had things gone different, we’d be telling a different story today. But as you’ve probably guessed, things went awry.
Maurice made the mistake of holding his 21 bitcoins in the P2P platform he’d used and he was shocked to find all but 0.8BTC stolen.
You’d think the mishap would deter Maurice from this new kind of money that almost no one understood at the time. But by 2013, he was back at it, flipping bitcoin and charging a 100% markup.
A little tweaking of the model to get rid of credit card chargebacks kickstarted the journey to Yellow Card.
Today, the crypto exchange platform has quite the following in Africa. It is currently the most popular platform in Nigeria, and has expanded its operations to more than 14countries on the continent.
So, how exactly does Yellow Card work?
Most crypto enthusiasts in Africa know Yellow card as a crypto exchange that allows users to buy and sell crypto with various payment options with zero fees. What’s more, the platform uses a unique B2C approach to mitigate the risk arising from malicious intermediaries in the P2P marketplaces.
Yellow Card was founded in 2016, and has had an upward trajectory ever since. It is especially popular in Nigeria as the number one choice for those sending and receiving money from abroad.
But Yellow Card is more than just the crypto exchange. The industry trendsetter believes in empowering the continent by advocating for financial literacy. Through the Yellow card Academy, the company provides information on a range of topics in the crypto and blockchain scene for enthusiasts at all levels.
Yellow Card Academy seeks to promote financial inclusion by closing the knowledge gap on the benefits and use cases of digital assets and the underlying blockchain technology.
Getting started with the crypto exchange
You can access the crypto exchange platform through their website or via a mobile app that is available for both android and iOS devices.
Before you can start sending and buying crypto on Yellow Card, you will need to create an account. Here are the steps you need to take before getting started.
- Create an account by signing up on your web browser. You can also download the Yellow Card app on your phone. You will need to fill in your details and complete verification to set up your profile.
- Deposit your funds to start trading. Yellow Card offers several payment methods, and you can make deposits from your bank account or directly from your mobile money. The platform currently supports 10 fiat currencies and also allows you to make crypto deposits.
- Start trading. Once your funds hit the account you can start trading right away.
It’s that simple!
Buying cryptocurrencies on Yellow Card
We’ve already mentioned that Yellow Card uses a unique B2C model. So unlike popular P2P trading platforms, users on Yellow Card don’t trade with their peers.
You can buy cryptos on Yellow Card in two ways:
- From the platform
Once you’ve deposited funds into your account, you can easily buy cryptos on the platform. Head over to ‘Buy Cryptocurrency’ on the navigation bar and enter the amount you want to buy in fiat or in your preferred crypto. Review and confirm your transaction to have tokens credited to your account. Easy peasy.
- From an agent
Yellow Card has agent stores in countries where the exchange is operational. Users can locate stores around them using the app. They can then visit the stores to buy their crypto and receive a pin to use on the platform.
Yellow Card supported countries
Yellow Card is available in the following countries;
- Botswana
- Cameroon
- Côte D’Ivoire
- DR Congo
- Gabon
- Ghana
- Kenya
- Malawi
- Nigeria
- Rwanda
- Senegal
- Tanzania
- Zambia
What do users say?
Most users are impressed with the platform, citing its simplicity as one of the most impressive features. Signing up for an account on the platform is super easy, just as it is to deposit and withdraw funds into your account.
Another bonus point for the platform is that there are no transaction fees. Besides, the B2C model ensures users funds’ are protected. It’s also a nice addition that users can buy crypto using really
That said, some users mentioned transaction delays as the biggest issue. Many complained on TrustPilot that the withdrawals took quite some time to reflect on their accounts.
Yellow Card series funding
The company held its first round of Series A funding in September 2021 and raised $15 million. This amount was the largest raised by a B2C exchange, and the platform received backing from investors such as Valar Ventures, Coinbase Ventures, and Square.
Yellow card announced that they would be using the funding to increase their reach on the continent. The platform recently announced its plans to establish base in Ivory Coast, where the crypto market remains largely untapped.
