VALR, a South African cryptocurrency exchange, has acquired a US$50 million Series B funding round, valuing the company at US$240 million.
Pantera Capital led a $50 million Series B fundraising round that was oversubscribed, with participation from Alameda Research, Cadenza, CMT Digital, Coinbase Ventures, Distributed Global, GSR, Third Prime, and Avon Ventures, as well as existing backers Bittrex and 4Di Capital and others.
VALR is a digital asset platform that was launched in 2019 that allows clients to buy, sell, store, and transfer Bitcoin and 60 other cryptocurrencies, the most of any platform in Africa, in a simple and secure manner.
Over 250,000 retail users and 500 institutional clients from around the world use it, and it has processed over US$7.5 billion in trading activity.
“The financial tools available to society should be used to bring us together, not to divide us.” That’s why I’m ecstatic that VALR is assisting in the development of a financial system that recognizes humanity’s oneness. “There is no longer any debate about the influence crypto assets are having on our global financial system,” stated VALR CEO and co-founder Farzam Ehsani.
“We already assist VALR’s customers in entering the new world of crypto from the existing financial system using their USD or ZAR, and I’m really excited that this round of funding will enable us to serve so many more people across Africa and the world.”
The funds will be used to expand across Africa and into other emerging markets such as India, as well as to provide more products and services to VALR’s growing worldwide customer base.