The exchange has received the largest funding ever in the history of Africa’s crypto market, putting VALR at $240 million total value.
VALR was established in 2019, and offers its users to trade and store crypto on the platform, with a volume of more than $7.5B since its launch.
According to the official report, the South African crypto exchange VALR built upon its previous funding round last year, and now secured a Series B fund of $50 million.
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The oversubscribed funding came from some of the largest players in the blockchain industry, led by Pantera Capital. Other investors include Alameda Research, Coinbase Ventures, GSR, Cadenza, CMT Digital, Distributed Global, Avon Ventures, Third Prime, Fidelity Investments VC, Bittrex, and 4Di Capital.
Based on the post, VALR will use the funds to build on its existence in Africa, as well as regions in Asia, and increase the number of employees. Likewise, the exchange hopes to receive support from regular financial firms, banks, and hedge fund experts to ensure its stay in the crypto market.
Farzam Ehsani, the CEO of VALR, spoke on the funding round, stating that there is no more room for debate whether digital assets will become a part of the economy. He added:
"We already help VALR’s customers enter this new world of crypto from the traditional financial system using their USD (or South African rand) and I’m very excited that this round of funding will allow us to serve so many more across Africa and the world."
VALR’s value has grown more than tenfold after it received its first Series A funding of $3.4M in July of 2020.
