South Africa’s leading digital asset exchange VALR has raised $50 million in investments, completing its second funding round.
According to the official report, Pantera Capital, Alameda Research, Coinbase Ventures, Avon Ventures, Bittrex and 4Di Capital acted as co-investors.
According to the exchange, the Series B funding round raised VALR’s capitalization to $240 million, the largest investment in Africa’s cryptocurrency industry to date.
VALR’s capitalization has grown more than tenfold since July 2020, when the exchange raised $3.4 million in a Series A investment round.
VALR CEO Farzam Ehsani summed up the investment round by noting that “there is no more room for debate about whether digital assets will become part of the economy”:
“We help VALR clients move out of the traditional financial system and into the new world of cryptocurrencies using US dollars or the South African rand. I am very pleased that this funding round will allow us to serve many more clients in Africa and around the world.”
VALR was established in June 2019. The trading volume of the cryptocurrency exchange reached more than $7.5 billion by March 2022, and the client base expanded to 250,000 retail clients and 500 institutional clients.
According to the analytics company Chainalysis, the global cryptocurrency adoption index in Africa and Asia for 2021 increased by 880%. Here are 6 of the top 10 countries with the highest crypto asset adoption rating.
Source: Bits
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