African Blockchain Lab raises $6M Strategic Funding to drive adoption in Africa

by | Jan 31, 2022

This article is a Brand Press post. Brand Press is a paid service for brands that want to reach Techpoint Africa’s audience directly. Techpoint Africa’s editorial team doesn’t write Brand Press content. To promote your brand via Brand Press, please email business@techpoint.africa

Co-led by Dragonfly, Hashkey and Lateral Frontiers, African Blockchain Lab (“ABL”) has received backing from renowned African and international venture capital firms to serve the growing crypto market across Africa. 

African Blockchain Lab announced it has received a $6M Series Pre-A investment to fund the launch of its crypto wallet VIBRA (https://www.vibra.one), to drive the mass adoption of digital assets in Africa. 

The Pre-A round was co-led by a consortium of global investors, including renowned 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.

VINCENT LI

“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, 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 the surge of 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.

About African Blockchain Lab

Founded by blockchain venture studio Everest Ventures Group, African Blockchain Lab (“ABL”) is a blockchain technology company and the builder of African crypto app VIBRA. 

About VIBRA 

VIBRA is a crypto social trading app targeting the Africa market. VIBRA offers an easy way for beginners to learn, and make trades with a community of experts, which enables Africans to effortlessly go from zero to crypto master. Innovated by vibrant blockchain, tech enthusiasts, and investors from all around the world, to meet the rising cryptocurrency demand in emerging markets in Africa, starting with Nigeria. For more information of VIBRA, please visit https://www.vibra.one/   

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Buy, Sell, Send and Receive Crypto easily & safely on VIBRA, by downloading the app today from Google Play or the Apple App Store. For further information, please contact marketing@vibra.one.

Brand Press
Brand Press

This Brand Press article wasn’t written by Techpoint Africa’s editorial team. To promote your brand via Brand Press, please email business@techpoint.africa.

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