South African cryptocurrency exchange, Valr, has reportedly announced that it has raised a value of $3.4 million in a Series-A funding round led by Bitmex’s parent organization, 100x Group. While 4Di Capital had also participated in the funding round, no alteration has been made in Valr’s controlling stakeholder structure.

According to the CEO of Valr, Farzam Ehsani, the company is grateful that it has been able to witness phenomenal growth in spite of the globally challenging COVID-19 crisis that has adversely impacted several enterprises across the world. He has also stated that this funding round has not only helped the company in raising funds but has also developed partnerships with world-class investors, that has been an addition to its already distinguished group of stakeholders.

Reliable sources state that Valr will use the raised capital for the development of new products and services, and to expand company operations in new areas. The company further intends to build its team comprising of expert professionals from regulatory and compliance, and client service as well as technology domains.

Justin Stanford, the Co-founding General Partner of 4Di Capital, has stated that 4Di is thrilled to support Valr’s high-quality business and management team. He has further stated that Valr has shown great leadership and integrity coupled with an impressive growth, in addition to a mature, institutional-grade offering to the South African market.

Bittrex, one of the seed investors of Valr, will continue to remain a shareholder after it turned down offers to buy out the company, highlighted CEO Ehsani, adding that the company’s investors are seemingly happy with its present trading volumes, that depict a substantial growth since the company was launched in 2019. Valr has reportedly achieved a trading volume of 12,770 bitcoin in the current month, which places it ahead of another SA cryptocurrency exchange, Luno, with a monthly trading volume of 10,970 bitcoin.

Source Credits:

https://news.bitcoin.com/south-african-exchange-valr-raises-3-4-million-in-a-series-a-funding-round/