Grace Ashiru
VALR, South Africa’s premier cryptocurrency exchange by transaction volume, has submitted applications for cryptocurrency operating licenses in both Dubai and Mauritius. Since September 2022, the exchange has also secured authorization to operate in the virtual assets market in Poland.
Established in 2018, VALR serves a client base that includes over 600,000 retail customers and more than 1,000 institutional clients both in South Africa and internationally.
Just last week, VALR was among the 75 entities to be awarded South Africa’s inaugural crypto licenses.
The licensing initiative is a crucial part of the exchange’s broader strategy to expand globally, which has previously faced notable hurdles. VALR was compelled to cease its operations in Zambia due to banking issues. Additionally, plans to expand into India, Kenya, and Nigeria were halted due to regulatory impediments.
Blake Player, VALR’s head of growth, emphasized that the new licenses obtained in Dubai and Mauritius will bolster the company’s ability to advance its expansion goals. “We are committed to exploring global opportunities and plan to enter several markets outside of South Africa soon,” Player stated in an interview with TechCabal.
In March 2022, VALR secured a $50 million Series B funding round, bringing its valuation to $240 million. The funding round, led by Pantera Capital, was aimed at facilitating the exchange’s growth throughout Africa and other emerging markets, including India.
