On March 1, South African cryptocurrency exchange VALR completed a $50 million Series B financing, led by Pantera Capital, with participation from Alameda Research, Coinbase Ventures, and Avon Ventures.
According to the exchange, the funding round gave VALR a valuation of $240 million, making it the largest cryptocurrency funding round in Africa to date.
It is reported that the funds will be used to continue expansion in other markets such as Africa and India. It also plans to join traditional financial institutions such as large banks, insurance companies and hedge funds to help build the exchange’s infrastructure.