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South African cryptocurrency exchange VALR has raised a USD 50 Mn Series B funding round that values the company at USD 240 Mn and will use the proceeds to expand across the continent. The funding round was led by Pantera Capital with participation from Alameda Research, Cadenza, CMT Digital, Coinbase Ventures, Distributed Global, GSR, Third Prime, and Avon Ventures, along with existing investors Bittrex and 4Di Capital, and others.
VALR is a digital asset platform that allows customers to buy, sell, store and transfer Bitcoin and 60 other cryptocurrencies – the widest selection of any platform in Africa seamlessly and securely. The company plans to use the funding primarily to expand across Africa and into other emerging markets such as India, and to bring more products and services to its growing base of global customers. The startup is also hiring extensively across all areas of its team.