African crypto exchange VALRdotcom has raised $50 million in a round led by PanteraCapital that values the firm at $240 million. By NelWang
, a cryptocurrency exchange based in South Africa, has raised $50 million in what the company says is the largest funding round ever for an African crypto firm.
VALR, which launched in 2019, now has over 250,000 retail customers, most of whom are located in South Africa, as well as 500 institutional clients. Its clients can trade and storeThe new funding will be used to expand into more countries in Africa, as well as into other emerging markets such as India. VALR said will also serve to bring more products and services to its existing customers and to allow the company to hire more people.
VALR said it plans to bring on more institutions from the traditional financial system to help them with the infrastructure needed to enter the crypto asset market. “We believe that Africa’s future is bright for the adoption of cryptocurrencies for both asset diversification and payments,” Pantera Capital Partner Paul Veradittakit said in a statement.The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a
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