South African-founded cryptocurrency exchange VALR has partnered with technology payments firm Visa to collaborate on payment solutions.

In a statement on Monday, VALR – which claims it is the largest crypto exchange in Africa by trading volume – said the agreement follows other Visa partnerships with major global crypto-asset service providers, including Coinbase, Crypto.com and Circle.

“Visa is a household name in payments, with vast experience and global reach. A partnership with Visa was a natural step for VALR as we bring more innovative products and services to our customer base,” said VALR CEO Farzam Ehsani.

Visa facilitates transactions for more than 100 million merchants worldwide and is capable of processing more than 65 000 transactions per second. The company offers a crypto consulting service and has invested in crypto platforms around the world.

“With this partnership, we will work on innovative payment and card products that empower VALR customers to utilise the Visa network to make and receive payments globally,” said Visa South Africa GM Lineshree Moodley. “The use cases are vast and we’re looking forward to the collaboration with VALR…”

VALR has processed more than US$10-billion in trading volume and has raised $55-million in equity funding since its launch in 2018. It serves half a million retail customers and more than 900 corporate and institutional clients globally. – © 2023 NewsCentral Media