BY TOM JACKSON
The Nigeria-based African Blockchain Lab has received a US$6 million pre-Series A investment to fund the launch of its crypto wallet VIBRA.
Founded by blockchain venture studio Everest Ventures Group, African Blockchain Lab is a blockchain technology company and the builder of African crypto app VIBRA. 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.
The pre-Series A round was co-led by a consortium of global investors, including renowned African venture capital firms Lateral Frontiers VC, CRE Venture Capital and 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.
The funding will see Africa Blockchain Lab rollout VIBRA and add new features like VIBRA Earn, a crypto asset saving product that lets users earn interest on a variety of crypto assets.
“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,” said Vincent Li, co-founder of African Blockchain Lab.
Lateral’s Steven Grin said crypto adoption in Africa was growing exponentially, and that his company believed it could realise 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,” he 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,” said Pardon Makumbe, managing partner at CRE Venture Capital.