South African scholarship raises $50 million in Africa’s largest funding round

South African crypto exchange VALR has raised $50 million in a Series B equity funding round, marking the largest funding ever for an African crypto exchange.

With this latest funding round, VALR’s valuation has risen to $240 million, a 10x growth since it raised its $3.4 million in a Series A round in July 2020. This round was led by VC Pantera Capital, Alameda Research, Coinbase Ventures and several others.

VALR claims to have processed more than $7.5 billion in trading volume from more than 250,000 retail clients and 500 global institutional users since 2019. It currently has about 420 BTC ($18 million) in trading volume from 69 trading pairs according to CoinMarketCap

Funds from this round will be used to expand VALR’s business into other emerging African markets and India, introduce more products to its users and hire more talent.

VALR CEO and co-founder Farzam Ehsani said in an official statement shared with Coin-Crypto on March 1 that “society’s financial instruments should unite us, not divide us.” He added:

“VALR is helping to build a financial system that recognizes the unity of humanity. There is no longer any doubt about the impact crypto assets have on our global financial system.”

Ehsani also expects the number of institutional clients, such as banks and insurers, using the VALR platform to provide the crypto infrastructure they need in the future to grow. Ehsani said:

“Crypto-assets will become increasingly important for our entire lives. VALR is here to help our clients bridge the gap from the old financial system to the new.”

Related: Crypto Firms Ignore Africa As A Widely Adopted Continent At Their Peril

Despite a turbulent crypto market to 2022 so far, investments in crypto projects have not slowed down. On February 27, the South Korean government announced a $187 million pledge to build a national Metaverse, and The Graph (GRT) opened a $205 million fund on February 17 to lure developers to the platform.

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