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

South African cryptocurrency trade Valr introduced just lately that it has raised $50 million in a Series B spherical led by Pantera Capital. The capital increase means Valr is now valued at a reported $240 million.

Funds Raised to Finance Valr’s Expansion Into Other Markets

The South African cryptocurrency trade, Valr, just lately introduced that it raised $50 million in a Series B funding spherical. The spherical was led by Pantera Capital, whereas Alameda Research, Cadenza, CMT Digital, Coinbase Ventures, Distributed Global, GSR and Third Prime additionally took half.

According to a report by Globalcryptotv, the cryptocurrency trade’s newest capital increase dwarfs the $3.4 million that it raised in July 2020 and locations Valr’s worth at $240 million. The report added that Valr, which entered the South African crypto market greater than three years in the past, will use the capital raised to fund the platform’s growth into different markets throughout Africa and into rising markets similar to India.

Remarking on the trade’s newest capital increase, CEO Farzam Ehsani is quoted within the report explaining how the funds allow his firm to serve extra purchasers. He stated:

We already assist Valr’s clients enter this new world of crypto from the normal monetary system utilizing their USD or ZAR and I’m very excited that this spherical of funding will permit us to serve so many extra throughout Africa and the world.

Africa’s Bright Future

Meanwhile, Paul Veradittakit, a associate at Pantera Capital, stated his group believed that “Africa’s future is brilliant for the adoption of cryptocurrencies for each asset diversification and funds.”

Besides utilizing the raised capital to fund its entry into different markets, Valr, in line with the report, can also be planning to deliver extra services and products to its rising base of worldwide clients. It can also be recruiting throughout all areas of its crew, the report added.

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