The budding South Africa-based crypto exchange platform VALR has secured $50 million in a Series B equity fundraising round, the highest ever for an African cryptocurrency exchange. Pantera Capital, Alameda Research, Coinbase Ventures, and others were among the investors in the round.
VALR’s valuation has risen to $240 million as a result of the recent round, a 10X rise since it secured $3.4 million in a Series A round in July 2020.
Since the beginning of 2019, VALR claims to have processed more than $7.5 billion in trade volume from over 250,000 individual consumers and 500 global institutional users. According to data by CoinMarketCap, it presently has a trading volume of 420 BTC ($18 million) from 69 trading pairs.
“Society’s financial tools should unite us, not divide us,” VALR CEO and co-founder Farzam Ehsani said in a statement. He added:
“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.”
VALR aims expansion
VALR aims to use the fund in the expansion of its activities into other rising African markets and India, as well as to launch new products for its users and employ new employees.
Notably, Africa has seen a rise of more than 1,200% in crypto adoption in 2021.
Ehsani predicted an increase in the number of institutional customers like banks and insurance companies, who will use VALR’s system to supply crypto infrastructure in the future.
“Crypto-assets will become more and more pivotal to all our lives,” Ehsani predicted. He added that the exchange is here to assist its consumers in transitioning from the old to the new financial system.
Despite the fact that the crypto market has been volatile thus far in 2022, investments in crypto projects have not dropped. The South Korean government secured $187 million to create a national Metaverse, while The Graph (GRT) launched a $205 million fund on February 17 to entice developers to their platform.