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
What is the Performance of Gold as an Investment?
Gold's price fluctuates depending on the supply and demand. Interest rates can also affect the gold price.
Due to their limited supply, gold prices fluctuate. Additionally, physical gold can be volatile because it must be stored somewhere.
Should You Invest in Gold for Retirement?
The answer depends on how much money you have saved and whether gold was an investment option available when you started saving. If you're unsure about which option to choose then consider investing in both.
Gold offers potential returns and is therefore a safe investment. Retirees will find it an attractive investment.
While many investments promise fixed returns, gold is subject to fluctuations. Because of this, gold's value can fluctuate over time.
But this doesn't mean you shouldn't invest in gold. It is important to consider the fluctuations when planning your portfolio.
Another benefit to gold? It's a tangible asset. Gold can be stored more easily than stocks and bonds. It can also be carried.
As long as you keep your gold in a secure location, you can always access it. Plus, there are no storage fees associated with holding physical gold.
Investing in gold can help protect against inflation. As gold prices rise in tandem with other commodities it can be a good hedge against rising cost.
A portion of your savings can be invested in something that doesn't go down in value. When the stock market drops, gold usually rises instead.
Gold investment has another advantage: You can sell it anytime. Just like stocks, you can liquidate your position whenever you need cash. You don't even have to wait until you retire.
If you do decide to invest in gold, make sure to diversify your holdings. Do not put all your eggs in one basket.
Don't purchase too much at once. Start by purchasing a few ounces. Then add more as needed.
The goal is not to become rich quick. Rather, it's to build up enough wealth so you won't need to rely on Social Security benefits.
Even though gold is not the best investment, it could be an excellent addition to any retirement plan.
How much is gold taxed under a Roth IRA
A tax assessment for an investment account will be based on the current market value, and not what you paid initially. So if you invest $1,000 in a mutual fund or stock and then sell it later, any gains are subject to taxes.
You don't pay tax if you have the money in a traditional IRA/401k. Only earnings from capital gains and dividends are subject to tax. These taxes do not apply to investments that have been held for more than one year.
The rules that govern these accounts differ from one state to the next. In Maryland, for example, withdrawals must be made within 60 days of reaching the age of 59 1/2 in order to qualify. You can delay until April 1st in Massachusetts. New York has a maximum age limit of 70 1/2. To avoid penalty fees, it is important to plan and take distributions in time to pay all your retirement savings.
Can the government steal your gold?
Your gold is yours and the government cannot take it. It is yours because you worked hard for it. It belongs to you. There may be exceptions to this rule. For example, if you were convicted of a crime involving fraud against the federal government, you can lose your gold. You can also lose precious metals if you owe taxes. However, even if you don't pay your taxes, your gold can be kept as property of the United States Government.
Statistics
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
External Links
forbes.com
- Gold IRA, Add Sparkle to Your Retirement Nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
irs.gov
wsj.com
- Saddam Hussein's InvasionHelped Uncage a Bear In 1991 – WSJ
- You want to keep gold in your IRA at home? It's not exactly legal – WSJ
cftc.gov
How To
The best way to buy gold (or silver) online
First, understand the basics of gold. It is a precious metal that is very similar to platinum. It's rare and often used to make money due its resistance and durability to corrosion. It's hard to use, so most people prefer buying jewelry made out of it to actual bars of gold.
Today, there are two types available in gold coins: one is legal tender and the other is bullion. Legal tender coins are minted for circulation in a country and usually include denominations like $1, $5, $10, etc.
Bullion coins are only minted to be used for investment purposes. Their value increases over time because of inflation.
They are not exchangeable in any currency exchange system. If a person purchases $100 worth of gold, 100 grams of the gold will be given to him/her. The $100 value is $100. For every dollar spent, the buyer gets 1 gram of Gold.
You should also know where to buy your gold. There are a few options if you wish to buy gold directly from a dealer. First, your local currency shop is a good place to start. You can also go to a reputable website such as eBay. You can also look into buying gold online from private sellers.
Individuals selling gold at wholesale prices and retail prices are known as private sellers. Private sellers typically charge 10% to 15% commission on each transaction. You would receive less money from a private buyer than you would from a coin store or eBay. This is a great option for gold investing because you have more control over the item’s price.
An alternative option to buying gold is to buy physical gold. While physical gold is easier than paper certificates to store, you still need to make sure it is safe. Physical gold should be stored in an impenetrable container, such a vault and safety deposit box to ensure its safety.
If you are looking to purchase gold on your own, you have two options: a bank or an pawnshop. A bank will be able to provide you with a loan for the amount of money you want to invest in gold. These are small businesses that let customers borrow money against the items they bring to them. Banks tend to charge higher interest rates, while pawnshops are typically lower.
You can also ask for help to purchase gold. Selling gold is simple too. You can contact a company like GoldMoney.com to set up an account and receive payments right away.
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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
