South Africa’s largest bitcoin exchange by trading volume VALR has raised R57-million ($3.4-million USD) to advance the adoption of cryptocurrencies in Africa.
“I am very grateful that despite the challenging global COVID-19 pandemic that has adversely affected many businesses around the world, VALR has been able to grow at a phenomenal pace and we’ve been able to raise funds and partner with a set of world-class investors, adding to our already distinguished group of shareholders.”
The Series A equity round of funding was led by 100x Ventures, the investment arm of 100x Group who are behind cryptocurrency derivatives trading platform BitMEX, with participation from SA-based 4Di Capital and continued support from former FNB CEO Michael Jordaan and US-based Bittrex. The round was led by 100x Ventures, the investment arm of 100x Group, with participation from South Africa-based 4Di Capital and the continued support from Bittrex and Jordaan.
VALR, founded in 2018 to bridge the gap between the traditional financial system and the new world of cryptocurrencies, launched bitcoin-rand trading in June 2019 and has since grown to become South Africa’s leading bitcoin trading platform with over 13,000 bitcoin traded over the last month. VALR offers its 40,000+ customers the ability to buy and sell more than 50 cryptocurrencies such as bitcoin and ether at the lowest fees in the market.