In one of the largest crypto-raises in Africa, the South African stock exchange occupies $ 50 million

In one of the largest crypto-raises in Africa, the South African stock exchange occupies $ 50 million

The South African crypto exchange Valr collected a risk capital round of $ 50 million in one of the largest fundraising campaigns for the continent.

The stock exchange brought in $ 50 million-which increases the company's assessment to $ 240 million-in a series B round under the direction of the crypto asset manager Pantera Capital, said Valr on Tuesday.

The round was exaggerated by investors such as Alameda Research, Cadenza, CMT Digital, Coinbase Ventures, Distributed Global, GSR, Third Prime and Avon Ventures, which is connected to Fidelity Investments. The existing investors Bittrex and 4di Capital have also exhibited checks.

The funds are used to expand throughout Africa and other aspiring markets such as India, and to bring and stop new products and services on board.

In July 2020, Valr collected $ 3.4 million in a series A. His assessment has been tenfold since then.

"There is no doubt about the effects of crypto systems on our global financial system," said Farzam Ehsani, CEO and co -founder of Valr, in a statement.

VALR users can trade and keep more than 60 cryptocurrencies with relatively low fees. Since its foundation in 2019, the startup transactions worth more than $ 7.5 billion has processed between 250,000 private customers and 500 institutional customers.

crypto has grown in Africa because funds have used capital on the continent. From July 2020 to June 2021, the crypto acceptance in Africa rose by 1,200 % chain analysis . Kenya, Nigeria, South Africa and Tanzania are considered regional crypto hubs.

"Africa is not only the most third -fastest growing cryptocurrency economy, but also has a larger proportion of its entire transaction volume from transfers in retail size than any other region compared to the global average of 5.5 %." the report says.

"The world is on the abyss of enormous financial changes," said Ehsani. "Crypto assets are becoming increasingly important for all of our lives."

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The contribution in one of the largest crypto-raises Africa takes the South African stock exchange $ 50 million in no financial advice.