African Blockchain Lab has raised $6M in a Series Pre-A round. This investment will be used to launch the crypto app it has developed named VIBRA, in order to promote the adoption of digital currencies in Africa.
The investment round was led by notable African venture capital firms such as Lateral Frontiers VC, Musha Ventures, and CRE Venture Capital; blockchain investors were also participants, such as Dragonfly Capital, LeadBlock, Krypital, Hashkey Capital, amongst others.
African Blockchain Lab was founded in 2018 by Everest Ventures Group as part of its effort to push the “mass adoption” of digital currencies or assets as well as the adoption of blockchain technologies, across Africa.
Speaking on the investment round, Steven Grin of Lateral Frontiers expressed that cryptocurrency has potentials that are realizable, and it deepens the access to financial services to millions. “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,” Grin said.
The VIBRA app is a crypto trading app designed for the African market. VIBRA is said to offer easier methods for crypto beginners to learn about the market and trade with community experts. The launch is starting in Nigeria and will eventually carry on to other emerging markets across Africa.
African Blockchain Lab also plans to release new products such as VIBRA Earn, where users can earn interest from saving crypto assets.
Vincent Li, the co-founder of African Blockchain Lab, said, “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.”