VALR, one of the leading cryptocurrency exchanges in South Africa recently completed a $3.45 million Series A funding. The fundraiser also witnessed the involvement of 100x Ventures.
BitMEX ventures into a new exchange
100x Ventures is the investment arm of 100x Group. The entity was recently created as the holding company of HDR Global Trading and cryptocurrency exchange BitMEX.
VALR is one of the largest crypto exchanges in South Africa which received funding from various investors including 4Di Capital, a local venture firm. Other investors were crypto exchange Bittrex, and Michael Jordaan, the former CEO of First National Bank by FirstRand. VALR is planning to expand into newer markets across the country and launch a few new products. This will include trading of derivatives and lending as well. It will also utilize the fresh inflow of funds to improve its technology, compliance, and client service processes.
New opportunities in South Africa
The company was founded in 2018 and has been providing trading for Bitcoin-rand since June 2019. It claims to have the largest trading volumes in South Africa. In June, it claimed to have traded about 13,000 Bitcoins worth $120 million, It claims to have about 40,000 customers.
Arthur Hayes, the co-founder, and CEO of BitMEX and the 100x Group commented,
“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.”
Jordaan also said that he is proud of the VALR team and said that the company has received an undeniable value for the potential of local crypto.
The World Bank suggests that a majority of the 1.2 billion population of South Africa remains unbanked. Block Research said that at least 64 blockchain and crypto companies are currently working to improve the financial inclusion system on the continent. The company has received total funding of about $4.78 million. Last year, it raised $1.2 million in a seed round last year.