In this week’s news roundup, you will read about Nedbanks’ purchase of a virtual village in Ubuntuland in the metaverse, Yellow Card hitting the one million users mark, as well as securing $40 million in its Series B fundraising round.
South Africa’s Nedbank Stakes its Claim in the Metaverse
Nedbank , one of Africa’s largest financial service providers in South Africa, has partnered with Africarare – Africa’s first metaverse – to secure a village in Ubuntuland. This move now makes Nedbank the first bank in Africa to join the metaverse and follows the footsteps of MTN – Africa’s largest telco.
The bank said the move would help it to remain at the forefront of the technology sector, which will propel it into the next wave of digital business models. The bank secured a 12 by 12 village in Ubuntuland – a virtual land that is modelled after the African landscape in the metaverse. Besides establishing its presence as the first African financial services organization to join the metaverse, Nedbank wants to position itself as the leader in the digital space, all while meeting its clients’ needs.
“ Creating experiences that go beyond banking has always been a focus for Nedbank. Our entry into the metaverse is not merely about having a presence in this space, it’s about meeting the needs of our clients on platforms that resonate with them while offering an array of touchpoints that continue to demonstrate our commitment to lead in digital ,” said Group Executive for Marketing and Corporate Affairs at Nedbank Group, Khensani Nobanda.
Nedbank now joins other players in the industry, such as DBS Bank, HSBC, JP Morgan, and Fidelity Investments, who have entered the metaverse globally.
Nigerian Crypto Startup Yellow Card Hits 1 Million Users, Secures $40 Million in its Series B Funding
Yellow Card , a Nigerian crypto startup, has reached the one million user mark across 16 markets on the African continent.
Launched in 2019 in Nigeria, the startup makes it easy for anyone in any part of Africa to buy cryptocurrencies such as Bitcoin (BTC), Ether (ETH), and Tether USD (USDT) via bank transfer, card, cash, or mobile money.
Additionally, the startup also announced that it had raised $40 million in its Series B funding round to expand its operations in the African continent. The news comes barely a year since the company raised $15 million in its Series A funding round.
Speaking of the one million user reach, John Colson, Yellow Card’s Chief Marketing Officer, said, “ Reaching the one million goal is fantastic. It was a massive goal that we set for ourselves, and the team rallied to make it happen. Although it was not an easy journey, it has been a very rewarding one. This showed us that we are on the right track, people value what we are building, and it’s solving a need. Over one million people have trusted Yellow Card, and now it’s our turn to show why it is the number one place for crypto in Africa .”
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