Bittrex leads $1.5m seed round for South African crypto exchange VALR

04 Mar, 2019
by Ryan Boltman
Bittrex leads $1.5m seed round for South African crypto exchange VALR

South African cryptocurrency exchange VALR got off to the right start following a successfull $1.5m seed round led by international crypto exchange Bittrex reports Coindesk.

Bittrex is no small fish in the industry of cryptocurrency trading, with $35 million in daily trading volume according to Coin Market Cap, the exchange ranks in the top 60 in the world.

The investment into South African startup exchange VALR will be a massive boost for the new exchange looking to make headwind in Africa. Bittrex invested into the seed round citing "tremendous untapped potential" said Bittrex CEO Bill Shihara.

VALR, which launched on March 1, 2019 is set to offer South Africans the opportunity to trade over 50 cryptocurrencies. Michael Jordaan of Montegray Capital told Coindesk that VALR will have huge "potential to change the cryptocurrency landscape in South Africa and globally,”

 Read more: What does Elon Musk have to say about Bitcoin?

According to VALR CEO Farzam Ehsani, 1,500 users have signed up to the exchange so far. Ehsani also commented on the partnership with Bittrex saying that the move will allow competitive prices for crypto-to-crypto trading, coupled with global liquidity.

VALR will be looking to make an impact in the African market with other exchanges such as Luno, currently the most popular exchange in Africa. Ehsani commented on the effects crypto could have on emerging markets in Africa, saying "Cryptocurrency will start bringing communities together through their ability to transact and send value back home much more seamlessly and cheaply than their current options."

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