Founded in 2016 by Chris Maurice and Justin Poiroux, Yellow Card has become one of the leading crypto trading platforms in Africa. Techawk had an interview with Maurice and he shared how Yellow Card is making financial services accessible via crypto.
Yellow Card. What is your startup all about?
Yellow Card’s mission is to make basic financial services accessible to anyone, anywhere via crypto. We believe that no matter where you’re from, what situation (or currency) you were born into, you deserve the ability to interact with the global community. That’s why we make it easy to buy, sell, store, and send crypto across Africa.
Can you please take us through the process of buying cryptos on Yellow Card?
Create an account, load funds via mobile money or bank transfer, select the crypto you want, and you’re done. That’s now your BTC or ETH or USDT—in your wallet, ready to send anywhere.
What measures has Yellow Card put in place to prevent fraud?
We employ fraud prevention and compliance analysis techniques to detect and stop scammers. For users, we encourage you to use 2FA through Google Authenticator or a similar app to ensure full protection for your account. Also, we are not P2P. So unlike other platforms, you are always trading with a reputable party (us).
You recently raised $1.5m venture capital from Polychain Capital and others. How were you able to go about your fundraising?
Fundraising for a company focused on Africa was extremely difficult. I think that for upcoming entrepreneurs, it will be a little bit easier because of successful exits from Paystack and others.
Africa has a long way to go in terms of venture capital. But it is definitely getting there. We have a lot more interest now than we ever did when I was going around trying to explain the continent to investors. Attitudes towards business in Africa are certainly beginning to shift.
What do you think of the stance of the government especially in Africa on cryptocurrency? How do you think cryptos should be regulated?
Should it be regulated? Anyways, I’m optimistic that as more governments start to understand blockchain, cryptocurrency, and the benefits that this technology can bring to their country they will work with the industry to develop regulations to foster and support innovation in the space.
How will you describe the reception of Yellow Card so far?
The demand for crypto is larger than we ever could have imagined, and we’re striving each day to continue to serve everyone as best we can.
Many startups fail in their first five years. What measures are enshrining to ensure that Yellow Card is here in the next 5, 10 and 20 years?
Five years? I think most fail within one or two! We are constantly adding new features, expanding, and ensuring that Yellow Card provides the best experience and pricing in the industry.
What are the challenges of running your startup in Africa?
Africa is so diverse. Each country, even within each country. People, cultures, all so unique and special. The most challenging part is also my favorite, which is finding a way to work across cultures, understand people, and provide a solution that works for them.