VALR, the cryptocurrency exchange co-founded by former Rand Merchant Bank executive Farzam Ehsani, has disclosed that it has processed more than US$10-billion in trading volume since its launch in 2018.
The figure, which at the current exchange rate equates to R190-billion, underscores the scale of crypto trading taking place in South Africa.
VALR, which claims it is Africa’s largest bitcoin exchange by trading volume, made the disclosure in a statement this week in which it said it had won initial approval from Dubai’s Virtual Assets Regulatory Authority, or Vara, as part of a global expansion plan by the company. The application was done through a subsidiary of VALR’s called VALR FZE.
The company, which has raised $55-million in funding since its launch, said it now serves more than half a million retail customers and some 900 corporate and institutional clients.
It hopes to replicate this track record by building a global crypto business from its new Dubai offices.
“The initial approval granted to VALR FZE does not allow it to undertake any virtual asset services yet but is a critical step as it seeks to establish a virtual asset exchange in Dubai and affirms VALR’s position as a reputable player in the virtual asset industry, committed to upholding the highest standards of operational integrity, compliance and security,” the company said in the statement.
“Obtaining initial approval from Vara is a significant milestone that marks a major step forward in VALR’s global expansion plans,” said Ehsani. “This initial approval from Vara is a significant milestone for VALR to bring our products and services to a more global audience under the auspices of a world-leading regulator.”
“We see Asia, the Middle East and the United Arab Emirates as attractive markets with significant crypto flows,” added VALR’s head of growth, Blake Player. “Dubai is quickly gaining recognition as a forward-thinking and pragmatic jurisdiction for crypto businesses.” — © 2023 NewsCentral Media