South African cryptocurrency startup VALR has achieved a significant milestone by processing over $10 billion in trading volume since its establishment in 2018. Founded by former Rand Merchant Bank executive Farzam Ehsani, VALR’s accomplishment highlights the growing presence of cryptocurrency trading in South Africa.
At the current exchange rate, this trading volume amounts to approximately R190 billion. VALR, which claims to be Africa’s largest Bitcoin exchange by trading volume, shared this achievement in a recent statement.
Additionally, VALR announced that it has received preliminary approval from Dubai’s Virtual Assets Regulatory Authority (Vara) as part of its global expansion strategy. This expansion is being pursued through VALR’s subsidiary, VALR FZE.
Since its inception, VALR has successfully raised $55 million in funding and currently serves a customer base of over half a million retail clients and around 900 corporate and institutional customers. The company now aims to replicate its success on a global scale by establishing operations in Dubai and targeting markets in Asia, the Middle East, and the United Arab Emirates.
While this preliminary approval from Vara does not immediately permit VALR to offer virtual asset services in Dubai, it is considered a significant step towards the company’s goal of establishing a virtual asset exchange in the region. VALR emphasized its commitment to maintaining high standards of operational integrity, regulatory compliance, and security.
Farzam Ehsani, co-founder of VALR, expressed the importance of this milestone, stating, “Obtaining initial approval from Vara is a significant milestone that marks a major step forward in VALR’s global expansion plans.”
Blake Player, VALR’s head of growth, also noted, “We see Asia, the Middle East, and the United Arab Emirates as attractive markets with significant crypto flows. Dubai is quickly gaining recognition as a forward-thinking and pragmatic jurisdiction for crypto businesses.”
read also South African Fintech Revio Raises $5.2M to Simplify African Payments
In conclusion, VALR’s achievement of processing $10 billion in trading volume over five years illustrates the growing presence of cryptocurrency trading in South Africa. Its plans for international expansion through its Dubai offices reflect its ambition to further contribute to the global cryptocurrency landscape while adhering to regulatory standards.
VALR crypto VALR crypto
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard