South Africa-based cryptocurrency exchange, Valr announced it has raised R57 million (US$3.4 million) in a Series A funding round led by 100x Ventures the investment branch of 100x Group, the parent company to Bitmex. This funding series was also patronized by 4Di Capital and also had support from FNB CEO Micheal Jordaan and US-based Bittrex.
This funding raising will not change Valr’s controlling shareholder structure. Farzam Ehsani, CEO of Valr explains in a podcast with SA Crypto the importance of getting the funding at a time when Covid -19 has dampened the mood of investors globally.
Farzam Ehsani communicated VAlr’s excitement for having Bitmex on their company shareholder profile in a statement. “I am very grateful that despite the challenging global COVID-19 pandemic that has adversely affected many businesses around the world, Valr has been able to grow at a phenomenal pace and we’ve been able to raise funds and partner with a set of world-class investors, adding to our already distinguished group of shareholders.”
Additionally, Justin Stanford Co-Founding General Partner at 4Di Capital is quoted on the SA Crypto saying his company had been giving crypto one consideration for a while.
“We’re delighted to be backing such a high-quality business and management team. Valr has shown great integrity and leadership coupled with impressive growth, and delivers a mature, institutional-grade offering to the local market.”
Valr is Africa’s largest cryptocurrency in terms of exchange by trading volume.