African Blockchain Lab secures $6 million to improve digital asset adoption in Africa
African Blockchain Lab has received a $6M Series Pre-A investment to fund the launch of its crypto wallet VIBRA, which will help increase digital asset usage 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.
African Blockchain Lab (“ABL”) is a Blockchain technology business and the developer of the African crypto app VIBRA, which was founded by blockchain investment firm Everest Ventures Group.
VIBRA is a crypto social trading software with a focus on Africa. VIBRA provides a simple approach for newbies to study and trade with a community of specialists, allowing Africans to go from zero to crypto master with ease. Developed by a global team of blockchain experts, tech enthusiasts, and investors to address the growing demand for cryptocurrencies in Africa’s emerging economies.
Steven Grin of Lateral Frontiers speaking said he believes in the ability of VIBRA’s management to enable crypto to realize its potential in Africa’s space.
“Crypto adoption in Africa is growing exponentially. 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,” Steven said.
“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, also expressed her confidence in VIBRA’s management as she pointed that crypto trading in Africa will continue to surge.
“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,” Mia Deng said.