Africa Blockchain Lab has announced it has received a $6 million pre-series-A investment to drive the mass adoption of digital assets in Africa. The round will be used to fund the launch of its crypto wallet VIBRA.
The pre-series-A round was co-led by a consortium of global investors, including African venture capital firms 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 and more.
“African Blockchain Lab was founded with a singular mission – to drive the mass adoption of digital assets and blockchain technologies in Africa. With the backing from our strategic investors, we intend to bring world-class tech stacks, projects and innovation to the African continent, starting with our first product VIBRA.” Vincent Li, the co-founder of African Blockchain Lab, commented.
Lateral’s Steven Grin mentioned, “Crypto adoption in Africa is growing exponentially. In fact, we believe that crypto can realize its potential as a technology and asset on the continent while also deepening financial access to the millions left out of traditional financial services. We have seen the importance of user experience and community building when adopting new technologies and we are confident in VIBRA’s management team mission of making crypto a mainstream product for African consumers. ”
“We believe Africa has a generational opportunity to build a more collaborative and inclusive financial ecosystem using decentralized technologies, in which all players are winners. We are excited to partner with the world-class team at Vibra to make this happen”, Pardon Makumbe, Managing Partner at CRE Venture Capital
Mia Deng, Partner at Dragonfly Capital, expressed her belief in VIBRA, “Dragonfly has a long history of investing in infrastructure companies for the crypto asset class, from Bybit to Amber Group. We are bullish on the category as trading and investing are typically the first use cases for adoption in any emerging markets, therefore infrastructure companies should be built to facilitate these activities. Over the past years, we are starting to see a surge in trading in Africa, but we believe this is just the beginning. VIBRA is well-positioned to deliver a great product for day-to-day African users.”
In some African countries, many turn to crypto to preserve their savings in the face of currency devaluation, make remittances and carry out merchant transactions. “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 a great resource of use cases, which can facilitate them deploying in-app crypto trading and payment. We believe they can fulfill their vision of crypto mass adoption.” Managing Director of HashKey Capital, Deng Chao commented.
In the coming product roadmap, the brand is getting ready to launch new features, like VIBRA Earn, a crypto asset-saving product that lets users earn interest on a variety of crypto assets.
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