VALR, a crypto exchange in South Africa, has raised $50 million in a Series B equity funding round.
Pantera Capital led the rough with participation from Alameda Research, Coinbase Ventures and Avon Ventures, among others. Those firms join existing investors including crypto exchange Bittrex and 4Di Capital.
The round secures a $240 million valuation for VALR, and marks the largest crypto funding round in Africa to date, according to the exchange.
VALR launched bitcoin-rand trading in June of 2019, and since then has posted volumes making it a leading venue for rand-to-crypto transactions. To date, the exchange says it has processed over $7.5 billion in trading volume and has over 250,000 retail customers and 500 institutional clients worldwide.
The firm raised $3.4 million in a Series A in July of 2020. At the time, VALR planned to expand into new markets across South Africa and launch services like derivatives trading and lending. Since then, the firm's valuation has grown tenfold.
With this fresh funding, it will continue to expand across Africa and into other markets such as India. It also plans to onboard traditional finance institutions, like large banks, insurers and hedge funds, to assist in building out the exchange's infrastructure.
The firm will continue hiring across all areas of its team, according to its announcement.