South Africa’s VALR Raises $3.4 Million To Expand Crypto Adoption in Africa

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    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.

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    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.

    Also published on Medium.