VALR.com, the cryptocurrency exchange co-founded by former Rand Merchant Bank blockchain lead Farzan Ehsani, has raised more than R750-million in funding at a valuation of about R3.7-billion.
The company announced on Tuesday that it has raised more than US$50-million in a series-B funding round led by Pantera Capital.
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), and existing investors Bittrex and 4Di Capital also participated.
VALR has seen astonishing growth since its founding in 2019 – in that time, it has processed more than $7.5-billion (R115-billion) in trading volumes and serves over 250 000 retail customers and 500 institutional clients around the world.
“The proceeds of the raise will be used primarily to expand across Africa and into other emerging markets such as India, and to bring more products and services to its growing base of global customers. VALR is also hiring extensively across all areas of its team,” the company said in a statement early on Tuesday.
“There is no longer any room for doubt regarding the impact crypto assets are having on our global financial system,” said Ehsani, who serves as CEO, in the statement. “We already help VALR’s customers enter this new world of crypto from the traditional financial system using their US dollars or rands 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 valuation has grown more than 10-fold since it raised a $3.4-million series-A round of funding in July 2020.
“VALR plans to onboard many more institutions from the traditional financial system, including the largest banks, insurers and hedge funds, to assist them with the infrastructure needed to enter the crypto asset market,” the company added. – © 2022 NewsCentral Media