VALR, a leading cryptocurrency exchange headquartered in South Africa serving over 250,000 customers has raised over R750m ($50m USD) in its oversubscribed Series B equity funding round which was led by Pantera Capital.
VALR has seen its valuation grow by more than 10X since it raised its R50m ($3.4m USD) Series A round of funding in July 2020.
Other investors that participated in the latest funding round included Alameda Research, Cadenza, CMT Digital, Coinbase Ventures, Distributed Global, GSR, Third Prime, Avon Ventures, and a venture capital fund affiliated with the parent company of Fidelity Investments. Existing investors in VALR, Bittrex and 4Di Capital also participated.
VALR is led by Farzam Ehsani, who has journeyed through RMB’s Global Markets, Group Treasury, Investment Banking, and Private Equity divisions. He also aided in establishing the Foundry, RMB’s FinTech unit, where he previously led RMB’s Blockchain Initiative.
The proceeds of the Series B funding round will enable VALR 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.
Additionally, VALR is also hiring extensively across all areas of its team with openings in Business Development, Client Service, Compliance, Engineering, Human Resources, Infrastructure, Legal, Marketing, Product, Quality Assurance, Security, and Tech Support.
“Society’s financial tools should unite us, not divide us. That’s why I’m very excited that VALR is helping to build a financial system that recognizes the oneness of the human race. There is no longer any room for doubt regarding the impact crypto assets are having on our global financial system,” says Farzam Ehsani, VALR CEO and co-founder.
“We already help VALR’s customers enter this new world of crypto 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.”
What Investors are saying:
“Pantera is extremely excited to be leading the Series B round for VALR, as we believe that Africa’s future is bright for the adoption of cryptocurrencies for both asset diversification and payments,” says Paul Veradittakit, Partner at Pantera Capital.
“VALR brings an amazing product and service to onboard both retail customers and institutions.”
“We’re very impressed with what VALR has built for retail and institutional traders over the past few years,” says Kumar Dandapani, Founder and Managing Partner at Cadenza Capital Management.
“VALR is extremely well-positioned to emerge as an enduring financial institution that provides its clients asset allocation abilities in crypto and other global markets.”
VALR has also announced that it plans to onboard many more institutions from the traditional financial system, which includes the largest banks, insurers and hedge funds, to assist them with the infrastructure needed to enter the crypto asset market.
“The world is on the precipice of huge financial change. Crypto assets will become more and more pivotal to all our lives. VALR is here to help bridge our customers from the old financial system to the new. Whether you’re an individual or an institution, we look forward to serving you,” Ehsani concludes.
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