South African Crypto Exchange Valr Raises $50 Million in Series B Funding Round – Exchanges Bitcoin News

South African cryptocurrency exchange Valr recently announced that it had raised $50 million through a Series A round of Pantera Capital. Valr now has a value of $240 million due to the capital raise.

Funds Raised to Finance Valr’s Expansion Into Other Markets

South African cryptocurrency exchange Valr announced recently that it has raised $50 Million in Series B funding. Pantera Capital led the round, with Cadenza and CMT Digital as well as Alameda Research and Third Prime.

According to a report by Globalcryptotv, the cryptocurrency exchange’s latest capital raise dwarfs the $3.4 million that it raised in July 2020 and places Valr’s value at $240 million. The report added that Valr, which entered the South African crypto market more than three years ago, will use the capital raised to fund the platform’s expansion into other markets across Africa and into emerging markets such as India.

Remarking on the exchange’s latest capital raise, CEO Farzam Ehsani is quoted in the report explaining how the funds enable his company to serve more clients. He stated:

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.

Africa’s Bright Future

Meanwhile, Paul Veradittakit, a partner at Pantera Capital, said his organization believed that “Africa’s future is bright for the adoption of cryptocurrencies for both asset diversification and payments.”

According to the report Valr plans to use the capital raised to finance its entry in other markets. According to the report, it also recruits across its entire team.

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Terence Zimwara

Terence Zimwara was a Zimbabwe-award winning journalist, author, and writer. He is a prolific writer on the economic woes of African countries, as well as digital currencies that can be used to provide an escape path for Africans.