South African Crypto Exchange Valr Raises $50 Million In Series B Funding

Valr in its recent announcement said it has raised $50 million in a Series B round led by Pantera Capital. This funding means Valr is reportedly valued at $240 million.

Crypto exchange based in South Africa, Valor, has recently announced a $50 million Series B fundraising round. Pantera Capital led the round, with participation from Alameda Research, Cadenza, CMT Digital, Coinbase Ventures, Distributed Global, GSR, and Third Prime.

According to a report by Globalcryptotv, Valr’s current capital raising exceeds the $3.4 million it collected in July 2020, valuing the cryptocurrency exchange at $240 million. Valr, which joined the South African crypto market more than three years ago, would utilize the funds obtained to expand the platform across Africa and into rising countries such as India, according to the newspaper.

CEO Farzam Ehsani is featured in the report discussing the crypto exchange’s recent capital raise and how the funds will allow his organization to service more clients. He stated, “

We already help Valr’s customers enter this new world of crypto exchange 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.

Africa’s Future In Cryptocurrency Adoption Using Crypto Exchange

In the meanwhile, Pantera Capital partner Paul Veradittakit said his firm believes “Africa’s future is bright for the adoption of cryptocurrencies for both asset diversification and payments.”

Valr plans to deliver more products and services to its growing network of global clients, according to the article, in addition to using the raised funds to fund its foray into other areas. It’s also hiring across the board, according to the article.