VALR, a cryptocurrency trading platform based in South Africa, has raised $50 million in Africa’s largest ever crypto funding round. The company is now worth $240 million.
Pantera Capital led the Series B equity funding round, which included Alameda Research, Cadenza, CMT Digital, Coinbase Ventures, Distributed Global, GSR, Third Prime, Avon Ventures, a venture capital fund affiliated with the parent company of Fidelity Investments, as well as existing investors Bittrex and 4Di Capital, and others.
Customers may safely buy, sell, and store Bitcoin and 60 other cryptocurrencies on the company’s platform, which has the largest assortment of any platform in Africa, at some of the lowest costs in the world.
Since its introduction in 2019, VALR has processed over $7.5 billion (R115 billion) in trading volume and now serves over 250,000 individual users and 500 institutional clients from around the world.
“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 respects humanity’s oneness.”
“There is no longer any room for question about the impact crypto assets are having on our global financial system,” VALR CEO and Co-founder Farzam Ehsani adds.
Since its $3.4 million Series A round of fundraising in July 2020, VALR’s valuation has increased by more than 10X.
Pantera Capital Partner Paul Veradittakit states, “We are really excited to be leading the Series B round for VALR since we believe that Africa’s future is bright for the use of cryptocurrencies for both asset diversification and payments.” “VALR offers a fantastic product and service to both retail and institutional customers.”
“What VALR has established for retail and institutional traders over the last few years has blown us away,” says Kumar Dandapani, Founder and Managing Partner of Cadenza Capital Management.
VALR intends to bring onboard a slew of new traditional financial institutions, including the world’s largest banks, insurers, and hedge funds, to help them build the infrastructure they’ll need to enter the crypto asset market.
“The world is on the verge of a massive financial shift. Crypto assets will become increasingly important in our daily lives. VALR is here to assist our customers in transitioning from the old to the new financial system. We look forward to servicing you, whether you’re a person or an institution,” Ehsani said.
VALR plans to use the capital raised to expand across Africa and into other emerging countries such as India, as well as to provide more products and services to its increasing base of worldwide clients. The company has already begun hiring to expand its team.