African Blockchain Lab, located in Nigeria, has acquired a US $6 million pre-Series A investment to help support the launch of its cryptocurrency wallet VIBRA.
African Blockchain Lab is a blockchain technology business and the creator of the African crypto app VIBRA, which was founded by blockchain investment firm Everest Ventures Group. 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.
A group of international investors led the pre-Series A round, which included 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 others.
“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.
Africa Blockchain Lab will utilise the funds to expand VIBRA and introduce new services such as VIBRA Earn, a crypto asset saving product that allows users to earn interest on a range of crypto assets.
According to Lateral’s Steven Grin, crypto adoption in Africa is growing at an exponential rate, and his company believes it can realise its full potential as a technology and asset on the continent while also providing financial access to the millions who have been 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.
