South African cryptocurrency exchange VALR announced that it had raised $50 million (R770 million) in the continent’s largest-ever crypto funding round.
Additionally, the value of the crypto exchange company reached $240 million (R3.7 billion), with VALR’s valuation growing ten-fold since it raised $3.4 million (R52 million) in its Series A round of funding in July 2020.
VALR has processed over $7.5 billion (R115 billion) in trading volume since its launch in 2019 and now serves over 250,000 retail customers and 500 institutional clients from across the globe.
VALR’s Series B funding round was led by Pantera Capital, with help from several other organisations, including Alameda Research, Cadenza, Coinbase Ventures, and Avon Ventures.
“Pantera is extremely excited to be leading the Series B round for VALR, as we believe that Africa’s future is bright for the adoption of cryptocurrencies for both asset diversification and payments,” said Paul Veradittakit, a partner at Pantera Capital.
“VALR brings an amazing product and service to onboard both retail customers and institutions.”
The funds raised are earmarked for expansion across Africa and other emerging markets like India.
“Society’s financial tools should unite us, not divide us. There is no longer any room for doubt regarding the impact crypto assets are having on our global financial system,” VALR CEO and co-founder Farzam Ehsani said.
“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.”
VALR has intentions to onboard more institutions from the traditional financial system, including large banks, insurers, and hedge funds, to help them enter the crypto market.
“The world is on the precipice of huge financial change. Crypto assets will become more and more pivotal to all our lives,” Ehsani said.