South African Crypto Exchange Valr Raises $50 Million in Series B Funding Round

South African cryptocurrency speech Valr announced precocious that it has raised $50 cardinal successful a Series B circular led by Pantera Capital. The superior rise means Valr is present valued astatine a reported $240 million.

Funds Raised to Finance Valr’s Expansion Into Other Markets

The South African cryptocurrency exchange, Valr, precocious announced that it raised $50 cardinal successful a Series B backing round. The circular was led by Pantera Capital, portion Alameda Research, Cadenza, CMT Digital, Coinbase Ventures, Distributed Global, GSR and Third Prime besides took part.

According to a report by Globalcryptotv, the cryptocurrency exchange’s latest superior rise dwarfs the $3.4 cardinal that it raised successful July 2020 and places Valr’s worth astatine $240 million. The study added that Valr, which entered the South African crypto marketplace much than 3 years ago, volition usage the superior raised to money the platform’s enlargement into different markets crossed Africa and into emerging markets specified arsenic India.

Remarking connected the exchange’s latest superior raise, CEO Farzam Ehsani is quoted successful the study explaining however the funds alteration his institution to service much clients. He said:

We already assistance Valr’s customers participate this caller satellite of crypto from the accepted fiscal strategy utilizing their USD oregon ZAR and I’m precise excited that this circular of backing volition let america to service truthful galore much crossed Africa and the world.

Africa’s Bright Future

Meanwhile, Paul Veradittakit, a spouse astatine Pantera Capital, said his enactment believed that “Africa’s aboriginal is agleam for the adoption of cryptocurrencies for some plus diversification and payments.”

Besides utilizing the raised superior to money its introduction into different markets, Valr, according to the report, is besides readying to bring much products and services to its increasing basal of planetary customers. It is besides recruiting crossed each areas of its team, the study added.

What are your thoughts connected this story? Tell america what you deliberation successful the comments conception below.

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