South African Crypto Exchange Valr Raises $50 Million in Series B Funding Round – Valr, a cryptocurrency exchange based in South Africa, recently announced a $50 million Series B fundraising round.
Pantera Capital led the round, with participation from Cadenza, Alameda Research, Coinbase Ventures, CMT Digital, Distributed Global, GSR, and Third Prime.
Valr’s current capital offering surpasses the $3.4 million it raised in July 2020, valuing the cryptocurrency exchange at $240 million, according to a report by Globalcryptotv.
According to the source, Valr, which entered the South African crypto market more than three years ago, plans to use the cash to extend the platform across Africa and into emerging markets such as India.
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CEO Farzam Ehsani is featured in the report discussing the exchange’s recent capital raise and how the funds will allow his organization to service more clients.
“We already help Valr customers transfer from the old banking system to the new world of crypto using their USD or ZAR, and I’m incredibly excited that this round of funding will allow us to serve even more individuals across Africa and the rest of the world.”
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South African Crypto Exchange Valr Raises $50 Million in Series B Funding Round – 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 report, in addition to using the raised funds to fund its foray into other areas. It’s also hiring across the board, according to the report.