ABL announced it has received a $6M Series Pre-A investment to fund the launch of its crypto wallet VIBRA (https://www.vibra.one), to drive the mass adoption of digital assets in Africa.
The Pre-A round was co-led by a consortium of global investors, including renowned African venture capital firms Lateral Frontiers VC, CRE Venture Capital, 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.
Mia Deng, Partner at Dragonfly Capital, expressed her belief in VIBRA, “Dragonfly has a long history of investing in infrastructure companies for the crypto asset class, from Bybit to Amber Group. We are bullish on the category as trading and investing are typically the first use cases for adoption in any emerging markets, therefore infrastructure companies should be built to facilitate these activities.
Over the past years we are starting to see the surge of trading in Africa, but we believe this is just the beginning. VIBRA is well-positioned to deliver a great product for day-to-day African users.”
In some African countries, many turn to crypto to preserve their savings in the face of currency devaluation, make remittances, and carry out merchant transactions. “We always believe Africa has a huge potential for crypto trading.
And trading is not only an investment action, it’s also based on local demand for payment and currency stability. VIBRA has a great resource of use cases, which can facilitate them deploying in-app crypto trading and payment. We believe they can fulfill their vision of crypto mass adoption.” Managing Director of HashKey Capital, Deng Chao commented.
In the coming product roadmap, the brand is getting ready to launch new features, like VIBRA Earn, a crypto asset saving product that lets users earn interest on a variety of crypto assets.