African crypto exchange VALR raised $50 million
The funding will be used to expand operations in Africa as well as in other emerging markets
01.03.2022 - 11:10
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What’s new? VALR, a South African cryptocurrency exchange, has raised $50 million in a Series B round, which was the biggest development in the company’s history. It was led by Pantera Capital with the participation of Alameda Research, Coinbase Ventures, and Avon Ventures. VALR is currently valued at $240 million, more than 10 times its valuation in July 2020, when the exchange raised $3,4 million in a Series A round.
What is known about VALR? The company started its activity in 2019. VALR currently has more than 250 000 retail customers, most of whom are in South Africa, and 500 institutional clients. The exchange’s users can trade BTC as well as to conduct transactions on 69 other trading pairs.
What are the prospects for the exchange? According to VALR, the funds from this round will be used to introduce new products and hire employees. Also, there are plans to bring in more institutions from the traditional financial system to help VALR with infrastructure.
VALR CEO and co-founder Farzam Ehsani stated:
“VALR is helping to build a financial system that recognizes 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.”
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