VALR, South African cryptocurrency platform, secures $3.4M in Series A round led by 100x Ventures.
VALR, a South African cryptocurrency exchange platform, has secured US$3.4 million in a Series A equity round led by 100x Ventures, the investment arm behind cryptocurrency derivatives trading platform BitMEX.
Other investors who participated in the round include; 4DiCapital, FNB CEO Michael Jordan and US-based company Bittrex.
VALR was established to bridge the gap between the traditional financial system and the new world of cryptocurrencies. In June 2019, VALR launched bitcoin-rand trading which is one of South Africa’s leading bitcoin trading platforms today.
CEO and co-founder of VALR, Farzam Ehsani said, “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 with a set of world-class investors, adding to our already distinguished group of shareholders.”
According to the startup, the secured capital will be used to build new products and services, expand into new territories as well as building its team of professionals, particularly in the technology, regulatory and compliance, and service domains.
Arthur Hayes, CEO, and co-Founder, 100x Group, says, “South Africa has an incredibly exciting and fast-growing cryptocurrency ecosystem, and we believe VALR is well-placed to capitalize on the future growth of bitcoin trading. In VALR we’re backing not only a successful early-stage business but a management team with the ability to scale operations significantly.”
Co-Founding General Partner at 4Di Capital, Justin Stanford said, “At 4Di we have been looking for appropriate investment in the crypto sector for some years, and we are delighted to be backing such a high-quality business and management team. VALR has shown great integrity and leadership coupled with impressive growth and delivers a mature, institutional-grade offering to the local market. This is becoming a necessary component in all markets the world over, as the crypto-asset ecosystem becomes increasingly more accepted and integrated into the global financial system.”
VALR claims to have offered over 40,000 customers the ability to buy and sell over 50 cryptocurrencies including bitcoin and Ether at the lowest rates in the market.
The startup was founded in 2018.