VALR, a cryptocurrency exchange backed by Pantera, is expanding its services to Poland as part of its global growth strategy. The South African exchange is venturing beyond the African continent and has chosen Poland as its first destination for expansion worldwide.
In an interview with Reuters, VALR CEO Farzam Ehsani expressed the exchange’s goal of attracting more clients from outside South Africa, as currently, 75% of its customer base is within Africa. Ehsani shared that VALR has received approval to offer crypto services in Poland after initially gaining approval from Dubai’s crypto regulator VARA. Additionally, the exchange is in the process of obtaining a license in Mauritius.
Despite operating across Africa, VALR has decided not to expand its operations to Nigeria due to the Nigerian authorities’ crackdown on crypto exchanges, citing concerns about the black market for foreign exchange.
Established in 2018, VALR achieved a valuation of $240 million in 2022 following a successful funding round led by Pantera Capital. Other investors such as Alameda Research, Cadenza, CMT Digital, Coinbase Ventures, Distributed Global, GSR, Third Prime, and Avon Ventures also participated in the fundraising.
In other news, VALR has appointed Ben Caselin as its Chief Marketing Officer to spearhead its global expansion efforts.