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HomeNewsSouth Africa's VALR Raises $3.4 Million To Expand Crypto Adoption in Africa

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

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.

Richard Kasteleinhttps://www.the-blockchain.com
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, 'The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, the Netherlands where he has set down his anchor to raise a family and write. Founder and publisher of industry publication Blockchain News (EST 2015) and director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published in Harvard Business Review, Venturebeat, Wired, The Guardian and a number of other publications. Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.
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