The Africa-focused crypto exchange Yellow Card announced that it had closed its $40 million Series A funding round. This announcement comes just over one year after the exchange raised $15 million in Series A funding.
Funds to be used for the development of new products
Yellow Card, a cryptocurrency exchange that focuses on Africa, announced recently that it has closed its $40 million Series A funding round. The crypto exchange stated that it will use the funds to fund the development of new products and to advance strategic partnerships in Africa.
According to a press release, the latest round of funding for the exchange platform was led by Polychain Capital, with participation from Valar Ventures and Third Prime Ventures as well as Sozo Ventures and Castle Island Ventures. Fabric Ventures is also involved. DG Daiwa Ventures is also involved.
According to Bitcoin.com news, Yellow Card raised $15 million in Series A funding. The round was led and participated by Valar Ventures. Third Prime, Castle Island Ventures. Square, Coinbase Ventures and Blockchain.com Ventures were also involved.
Africa's appetite for crypto
Chris Maurice, chief executive officer and cofounder of Yellow Card, made these remarks in support of the statement:
Our team has been working tirelessly for the past three years to make this technology available to everyone and create a world-class product. This market fundraise not only demonstrates the resilience of our team, but also reiterates Africa's need for cryptocurrency.
Will Wolf, a partner with Polychain Capital, said that the Yellow Card team has been "adaptive and responsive to the unique opportunities and needs of the different African markets."
According to the crypto-exchange platform, Yellow Card has launched operations in four additional African countries since the last capital raise: Gabon (Senegal), Rwanda (Democratic Republic of the Congo) and Senegal (Senegal). The number of African countries in which Yellow Card operates has increased to 16.
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Frequently Asked Questions
How to Open a Precious Metal IRA
The first step in opening an Individual Retirement Account, (IRA), is to decide if it's something you want. Once you have decided to open an Individual Retirement Account (IRA), you will need to complete Form 806. To determine which type of IRA you qualify for, you will need to fill out Form 5204. This form should not be completed more than 60 days after the account is opened. Once you have completed this form, it is possible to begin investing. You may also choose to contribute directly from your paycheck using payroll deduction.
You must complete Form 8903 if you choose a Roth IRA. Otherwise, it will be the same process as an ordinary IRA.
You'll need to meet specific requirements to qualify for a precious metals IRA. The IRS states that you must be at least 18 and have earned income. Your annual earnings cannot exceed $110,000 ($220,000 if you are married and file jointly) for any tax year. And, you have to make contributions regularly. These rules are applicable whether you contribute through your employer or directly from the paychecks.
An IRA for precious metals allows you to invest in gold and silver as well as platinum, rhodium, and even platinum. But, you'll only be able to purchase physical bullion. This means you won't be allowed to trade shares of stock or bonds.
You can also use your precious metallics IRA to invest in companies that deal with precious metals. Some IRA providers offer this option.
However, investing in precious metals via an IRA has two serious drawbacks. First, they don't have the same liquidity as stocks or bonds. It's also more difficult to sell them when they are needed. They also don't pay dividends, like stocks and bonds. So, you'll lose money over time rather than gain it.
What precious metals do you have that you can invest in for your retirement?
The best precious metal investments are gold and silver. They're both easy to buy and sell and have been around forever. If you want to diversify your portfolio, you should consider adding them to your list.
Gold: The oldest form of currency known to man is gold. It is stable and very secure. It's a great way to protect wealth in times of uncertainty.
Silver: Silver has been a favorite among investors for years. It is an excellent choice for investors who wish to avoid volatility. Silver tends instead to go up than down, which is unlike gold.
Platinium: Another form of precious metal is platinum, which is becoming more popular. It is very durable and resistant against corrosion, much like silver and gold. It is, however, more expensive than its competitors.
Rhodium: Rhodium can be used in catalytic convertors. It is also used as a jewelry material. It's also relatively inexpensive compared to other precious metals.
Palladium: Palladium has a similarity to platinum but is more rare. It's also more accessible. Investors looking to add precious and rare metals to their portfolios love it for these reasons.
How much of your IRA should include precious metals?
When investing in precious metals, the most important thing to know is that they aren't just for wealthy people. It doesn't matter how rich you are to invest in precious metals. In fact, there are many ways to make money from gold and silver investments without spending much money.
You could also consider buying physical coins like bullion bars, rounds or bullion bars. You could also buy shares in companies that produce precious metals. Your retirement plan provider may offer an IRA rollingover program.
Regardless of your choice, you'll still benefit from owning precious metals. They offer the potential for long-term, sustainable growth even though they aren’t stocks.
They also tend to appreciate over time, unlike traditional investments. If you decide to make a sale of your investment in the future, you will likely realize more profit than with traditional investments.
Is gold a good investment IRA option?
Anyone who is looking to save money can make gold an excellent investment. You can diversify your portfolio with gold. There's more to gold that meets the eye.
It has been used as a currency throughout history and is still a popular method of payment. It's sometimes called “the world's oldest money”.
But gold is mined from the earth, unlike paper currencies that governments create. That makes it very valuable because it's rare and hard to create.
The supply-demand relationship determines the gold price. The economy that is strong tends to be more affluent, which means there are less gold miners. The value of gold rises as a consequence.
On the flip side, people save cash for emergencies and don't spend it. This results in more gold being produced, which drives down its value.
This is why investing in gold makes sense for individuals and businesses. If you invest in gold, you'll benefit whenever the economy grows.
In addition to earning interest on your investments, this will allow you to grow your wealth. Plus, you won't lose money if the value of gold drops.
Statistics
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
External Links
investopedia.com
law.cornell.edu
- 7 U.S. Code SS7 – Designation Boards of Trade as Contract Markets
- 26 U.S. Code SS 408 – Individual retirement plans
forbes.com
- Gold IRA, Add Sparkle to Your Retirement Nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
wsj.com
- Saddam Hussein's Invasion Helped Uncage a Bear In 1990 – WSJ
- You want to keep gold in your IRA at home? It's not exactly legal – WSJ
How To
3 Ways to Invest in Gold for Retirement
It is crucial to understand how you can incorporate gold into your retirement plans. If you have a 401(k) account at work, there are several ways you can invest in gold. You might also be interested to invest in gold outside the workplace. If you have an IRA (Individual Retirement Account), a custodial account could be opened at Fidelity Investments. If you don't have any precious metals yet, you might want to buy them from a reputable dealer.
These are the three rules to follow if you decide to invest in gold.
- Buy Gold with Your Money – You don't need credit cards, or to borrow money to finance your investments. Instead, put cash into your accounts. This will help protect you against inflation and keep your purchasing power high.
- Physical Gold Coins You Should Buy – Physical gold coins should be purchased over a paper certificate. It's easier to sell physical gold coins rather than certificates. Physical gold coins are also free from storage fees.
- Diversify Your Portfolio – Never put all of your eggs in one basket. Also, diversify your wealth and invest in different assets. This will reduce your risk and give you more flexibility in times of market volatility.
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By: Terence Zimwara
Title: Africa-Focused Crypto Exchange Yellow Card Raises $40 Million via Series B Round
Sourced From: news.bitcoin.com/africa-focused-crypto-exchange-yellow-card-raises-40-million-via-series-b-round/
Published Date: Wed, 21 Sep 2022 10:00:41 +0000
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