African Blockchain Lab (“ABL”) has confirmed that it has acquired $6 million in Series Pre-A funding. As per Tech Space Africa report, fund has been acquired to help support the launch of its crypto wallet ‘VIBRA’. African Blockchain Lab aims to enhance the digital assets usage in Africa with its crypto wallet.
A group of local investors led the funding round for African Blockchain Lab including renowned names like CRE Venture Capital, Musha Ventures. International blockchain investors like Lateral Frontiers VC, Cadenza Capital, Dragonfly Capital, SNZ Capital, Hashkey Capital, Fenbushi, Hash Global, Head & Shoulder X, Despace, LeadBlock, Bonfire, Krypital also participated.
ABL was founded by blockchain investment firm Everest Ventures Group. The Co-Founder of African Blockchain Lab, Vincent Li said, ”The company came into being with a singular mission. The mission is to drive mass adoption of blockchain technology and digital assets in Africa. With the investors backing, we aim to bring pioneer tech stacks, projects, as well as innovation to the continent. This begins with our first product i.e. VIBRA.”
In the times to come, African Blockchain Lab is getting ready to launch new product, like VIBRA Earn. The new product will be a crypto asset saving platform which allows users to earn interest on a variety of crypto assets.
Investors view on African Blockchain Lab product Vibra
CRE Venture Capital’s Managing Partner, Pardon Makumbe, stated that “We are pleased to be working alongside Vibra’s world-class team. The firm believes that Africa has great potential to use decentralized technologies. The use of blockchain technology can help create a more collaborative and inclusive financial ecosystem wherein all stakeholders will profit.”
Mia Deng, Partner at Dragonfly Capital says that,” trading and investing are in general the first use cases for market adoption for crypto assets. Therefore, infrastructure businesses should be established to support these activities. The world has started to observe that there has been a spike in African trade in recent times. However, this is just a beginning. VIBRA is placed ideally to deliver a fantastic product to the users in Africa on a daily basis.”