Sunday, August 14, 2022
Sunday, August 14, 2022
Home Startups South African cryptocurrency exchange VALR secures $50m Series B for expansion.

South African cryptocurrency exchange VALR secures $50m Series B for expansion.

by Weddy Thuranira
0 comment

VALR, a cryptocurrency exchange based in South Africa, has raised $50 million in the largest funding round ever for an African crypto company, according to the company. VALR is now worth $240 million, more than ten times what it was worth in July 2020 when it raised $3.4 million in its Series A round.

Pantera Capital led the exchange’s Series B equity funding round, which included Alameda Research, Coinbase Ventures, Cadenza, CMT Digital, Distributed Global, GSR, Third Prime, and Avon Ventures, a venture capital fund affiliated with Fidelity Investments’ parent company.

VALR has over 250,000 retail customers, the majority of which are in South Africa, as well as 500 institutional clients since its launch in 2019. Clients can trade and store bitcoin (BTC) and 60 other cryptocurrencies using it.

The new funds will be utilized to expand into other African countries as well as other emerging markets like India. It will also allow VALR to offer more products and services to its existing customers, as well as hire more workers, according to the company.

“Society’s financial tools should unite us, not divide us. That’s why I’m very excited that VALR is helping to build a financial system that recognises the oneness of the human race. There is no longer any room for doubt regarding the impact crypto assets are having on our global financial system,” said Farzam Ehsani, VALR’s CEO and co-founder. 

“We already help VALR’s customers enter this new world of crypto from the traditional financial system using their USD or ZAR and I’m very excited that this round of funding will allow us to serve so many more across Africa and the world.”

Paul Veradittakit, partner at Pantera Capital, said he was excited to lead the Series B round.

“We believe that Africa’s future is bright for the adoption of cryptocurrencies for both asset diversification and payments,” he said. “VALR brings an amazing product and service to onboard both retail customers and institutions.”

You may also like

%d bloggers like this: