ABL procures $6M capital to initiate digital currency adoption in Africa

ABL procures $6M capital to initiate digital currency adoption in Africa

African Blockchain Lab (ABL) has recently announced raising new capital in its Series Pre-A funding round. Reportedly, ABL has procured a $6 million funding to initiate the launch of its crypto wallet, VIBRA, to propel the acceptance of digital assets in the country.

According to reports, the funding round witnessed participation from investors across the globe including African venture capital companies Lateral Frontiers VC, Musha Ventures, CRE Venture Capital along with blockchain investors worldwide namely Hashkey Capital, Dragonfly Capital, LeadBlock and others.

Vincent Li, Co-founder of African Blockchain Lab, stated that ABL has been established with a vision to boost the adoption of the blockchain technologies and digital assets in Africa.

He stated that ABL aims to introduce top-notch tech stacks, new innovations and projects in the African continent like the first project, VIBRA, with the assistance from strategic investors.

Meanwhile, Steve Grin from Lateral Frontier mentioned that crypto is being widely accepted in the African continent and its value as an asset and technology can be assessed while establishing its roots in the financial services.

Grin added that after keenly observing the value of community building and user-experience while adapting new technology, the firm is sure of VIBRA’s team mission to make crypto a conventional product in Africa.

Apparently, some countries in Africa rely on crypto for savings despite the currency deflation and conduct merchant dealings. The country has also been considered to have a major potential for crypto trading and with VIBRA, which enables the people in crypto trading and payment to be widely accepted in the country.

Pardon Makumbe, Managing Partner, CRE Venture Capital suggested that Africa can develop an inclusive and collaborative financial network by adapting decentralized technology and partnering with the exceptional team at VIBRA to initiate the thrilling experience.

Source Credits:- https://www.vanguardngr.com/2021/12/african-blockchain-lab-raises-6m-strategic-funding-to-drive-adoption-in-africa/