Nigeria’s African Blockchain Lab has received a $6 million strategic funding round

African Blockchain Lab, based in Nigeria, has received a US$6 million pre-Series A investment to help fund the launch of its crypto wallet VIBRA.

African Blockchain Lab, founded by blockchain venture studio Everest Ventures Group, is a blockchain technology company and the creator of the African crypto app VIBRA. VIBRA provides an easy way for beginners to learn and trade with a community of experts, allowing Africans to easily progress from zero to crypto master.

A consortium of global investors led the pre-Series A round, which included renowned African venture capital firms Lateral Frontiers VC, CRE Venture Capital, and 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 others.

Africa Blockchain Lab will use the funding to expand VIBRA and add new features such as VIBRA Earn, a crypto asset saving product that allows users to earn interest on a variety of crypto assets.

“The African Blockchain Lab was founded with a single goal in mind: to accelerate the widespread adoption of digital assets and blockchain technologies in Africa.” “We intend to bring world-class tech stacks, projects, and innovation to the African continent with the support of our strategic investors, beginning with our first product VIBRA,” said Vincent Li, co-founder of African Blockchain Lab.

Lateral’s Steven Grin stated that crypto adoption in Africa was increasing at an exponential rate, and that his company believed it could realize its potential as a technology and asset on the continent while also broadening financial access to millions who had previously been excluded from traditional financial services.

“We have seen the importance of user experience and community building when adopting new technologies, and we are confident in VIBRA’s management team’s mission of making cryptocurrency a mainstream product for African consumers,” he said.

“We believe Africa has a generational opportunity to create a more collaborative and inclusive financial ecosystem through the use of decentralized technologies in which all players win.” “We are thrilled to be collaborating with Vibra’s world-class team to make this happen,” said Pardon Makumbe, managing partner at CRE Venture Capital.