Working as the biggest cryptocurrency trading platform in Johannesburg, South Africa, VALR has revealed that the exchange has pooled in R57-million (USD 3.4 million) in its recently concluded Series A equity funding round. The firm is dedicated to using the collected funds in laying strong efforts focused on cryptocurrency adoption and proliferation to new industrial domains. The VALR team released an official Twitter and blog post to broadcast the news in the community. It read:
We're excited to announce that we've raised our Series A round of R57m ($3.4m) from @100xGroup (@BitMEX) and @4DiCapital with continued support from @MichaelJordaan and @BittrexExchange.
PRESS RELEASE:https://t.co/WKyOcxPAep
— VALR (@VALRdotcom) July 21, 2020
According to the report, the equity funding event was led by 100x Group, which is the investment channel of 100x Group, the firm operating the crypto derivatives trading platform, BitMEX. Other participants of the funding round included native firm 4DiCapital, ex-CEO of FNB Michael Jordaan, and US-based exchange, Bittrex.
Farzam Ehsani stated, CEO and Co-founder, VALR,
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VALR will use the capital collected to design new potential products and services for the customers on a global scale. It aspires to expand its business operations to new areas and collaborate with the industry’s best minds to strengthen its core management dealing in technology, regulation and compliance, client redressal, and others.
Justin Stanford, co-founding general partner of 4Di Capital, stated that his team is happy to collaborate with VALR, which has shown great potential in offering high-quality business and opportunities since its launch. He added that the crypto-asset system is likely to enjoy more adoption and inclusion in the global financial network.
Arthur Hayes quoted, CEO, and co-founder of 100x Group,
Established in 2018, VALR.com strives to shorten the gap between the traditional financial ecosystems and the new-age technology of cryptocurrencies and blockchain networks. In June 2019, it launched bitcoin-rand trading, which triggered a surge in its popularity and eventually made it the country’s leading bitcoin trading portal. With a strong customer base of more than 40,000 customers, VALR allows users to trade in over 50 top-rated crypto assets for minimum fee charges and high-end security, transparency. If you’re seeking further insight, explore our VALR review page for additional details.
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