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South Africa-based crypto exchange VALR completes a $50M Series B funding round

The raise was completed at a $240 million valuation with participation from big names like Pantera Capital
The exchange will use the capital to add more products, expand into other markets, and hire more people

In what is the largest ever raise by an African crypto firm, crypto exchange VALR, has today announced it completed a $50 million Series B funding round led by Pantera Capital. Several other institutional investors were involved, including Coinbase Ventures, Third Prime, Alameda Research, Distributed Global, and Fidelity Investments’ affiliate Avon Ventures. Following the raise, VALR has a $240 million valuation.

VALR launched in June 2019 and has previously concluded a Series A funding round of $3.45 million back in July 2020 at a valuation ten times less than the current. The exchange has grown its services to clients, including lending and facilitating the buying and selling of derivatives.

Enabling users to dabble in up to 60 different crypto coins, VALR says it has processed in excess of $7.5 billion in trading volume thus far. It hosts over 250,000 retail clients, largely based in South Africa, and a further 500 institutional clients globally.

Targeting growth beyond home

The crypto exchange is now showing an ambition to explode into the global scene. It said that in addition to reaching into more African countries, the capital it raised would enable it to target other emerging markets such as India. VALR also aims to recruit more people and enhance the products it offers to the existing clientele.

There is no longer any room for doubt regarding the impact crypto assets are having on our global financial system.” co-founder and CEO of VALR Farzam Ehsani said as per a published statement. “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.”

The exchange is targeting major banks, insurance firms, and hedge funds as it intends to bring on more participant institutions from traditional finance by providing them with the necessary infrastructure to penetrate the crypto scene.

The world is on the precipice of huge financial change. Crypto assets will become more and more pivotal to all our lives. VALR is here to help bridge our customers from the old financial system to the new. Whether you’re an individual or an institution, we look forward to serving you,” the CEO added.

The post South Africa-based crypto exchange VALR completes a $50M Series B funding round appeared first on The Home of Altcoins: All About Crypto, Bitcoin & Altcoins | Cointext.com.

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