VALR, a cryptocurrency exchange based in South Africa, has closed a $50 million Series B funding round led by Pantera Capital.
According to the company, other participants in the funding round also include Alameda Research, Cadenza, CMT Digital, Coinbase Ventures, Distributed Global, GSR, Third Prime, Avon Ventures, Bittrex, and 4Di Capital.
As a result of the fundraising, the valuation of the crypto trading platform has reached $240 million, a tenfold increase since July 2020, when the company raised $3.4 million from BitMEX operator 100x Group and others.
According to the company, since 2019, 250,000 retail and 500 institutional clients have made trades worth $7.5 billion on the platform. VALR offers trading in 69 trading pairs of digital assets.
The funds will be used to expand into India and other African countries, expands the company’s workforce and work on new products.