African Blockchain Lab (ABL) recently announced that it has raised $6 million in pre-Series-A funding and will use it to launch its crypto wallet VIBRA and to drive mass adoption of digital assets in Africa, according to media reports.
The funding round was led by a consortium of global investors, including renowned African venture capital firms Lateral Frontiers VC, CRE Venture Capital, Musha Ventures along with other blockchain investors like Dragonfly Capital, Hashkey Capital, SNZ Capital, Fenbushi, Cadenza Capital, Head & Shoulder X, LeadBlock, Hash Global, Bonfire, Krypital, Despace to name a few.
Vincent Li, co-founder of African Blockchain Lab told the media, “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.”
In many African countries, a lot of people use crypto to preserve their savings in case of currency devaluation, make remittances, and carry out merchant transactions. Experts have long mentioned that Africa has a huge potential for crypto trading, but it is not the only investment option. In this scenario, VIBRA has a great resource of use cases, which can facilitate them deploying in-app crypto trading and payment.
VIBRA is a crypto social trading app that primarily targets the Africa markets and offers beginners a simple way to learn and make trades with a community of experts, thereby enabling Africans to effortlessly go from zero to crypto master.