VALR, a South African cryptocurrency startup has announced today that it has raised US$3.4-million series A funding led by100x Ventures. The investment round was joined by 4Di Capital, Bittrex, and former FNB CEO Michael Jordaan.
VALR was founded in 2018 to bridge the gap between the traditional financial system and cryptocurrencies. The startup 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.
“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,” says Farzam Ehsani, VALR CEO and Co-Founder.
VALR will use the proceeds from the capital raise to build new products and services, expand into new territories, and continue to build its team of professionals, particularly in the technology, regulatory and compliance, and client 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 capitalise on 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.”
“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,” says Justin Stanford, Co-Founding General Partner at 4Di Capital.
“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.”