Africa Crypto Week in Review: Luno Rapidly Growing, Yellow Card Eyes Nigeria As Startup Raised Over $8 Million

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cross $100k, Luno expands South Africa crypto offering, Nigeria crypto license update, and Ivory Coast crypto news.

It is a good time to be a crypto enthusiast. Bitcoin crossed the historic $100,00 mark this week, and the market is looking solid as 2024 draws to a close.

The African crypto landscape has also been abuzz with various startups expanding operations as market participants assess recent developments. 

South Africa Crypto News: Luno Exchange Expands Offering

The South African financial services platform Luno added six more crypto assets to its platform in the past week, bringing the total number of new additions to 17 in 2024 alone. Luno made the announcement even as Bitcoin crossed the incredible $100,000 mark.

The platform has a total of 33 crypto asset options. This announcement was the largest amount added at a single point in its history. Luno is careful of the risk of its listed assets, their security criteria, and their regulatory implications. Hedera, Axie Infinity, and Arbitrum are all reputable cryptocurrencies. 

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Nigeria Crypto News: Yellow Card To Obtain Crypto License In Nigeria

Pan-African crypto service provider Yellow Card is set to obtain a crypto license in Nigeria. This development will occur a few weeks after the platform obtains a CASP license in South Africa. The country’s Securities and Exchange Commission (SEC) oversees such licensing and has recently developed a framework for issuing approval. 

Nigeria is Africa’s largest crypto market. Earlier in the year, this robust market was in the news for the wrong reasons, with Binance’s dramatic exit following a crackdown.

The tide turned in October with the release of a senior Binance executive and the country’s regulators enacting a more certain regulatory framework for crypto platforms. 

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Ivory Coast Crypto News: Startup Raises $8 Million

Financial services startup HUB2 has raised over $8 million for its operations in the Ivory Coast. HUB2 has grown exponentially in the past two years and could eclipse $1 billion in transactions processed in 2024. The startup seeks to solve interoperability gaps and integration issues that plague financial service providers across the continent. 

HUB2 still mostly earns revenue from mobile money transfers. The additional capital should help the company simplify integration and improve various payment options, including crypto payments. It operates in five West African countries and wants to elevate its profile globally.

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