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$50m in Africa's largest funding round was raised by South African exchanges

Yagael

2022-03-01 (14:19:13)

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

With this latest round of funding, VALR’s valuation has increased to $240 million, a 10X in 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 over $7.5 billion in trading volume since 2019 from over 250,000 retail customers and 500 global institutional users. It currently has about 420 BTC ($18 million) in trading volume from 69 trading pairs according to CoinMarketCap.

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