VALR Surpasses 1 Million Users Amid Global Expansion (14 Nov)

Singapore, Singapore, November 14th, 2024, Chainwire

VALR, the Pantera-backed crypto exchange and the largest crypto trading platform in Africa by trade volume, announced today that its user base has doubled in 2024, surpassing the one million mark. This growth comes on the back of VALR’s ongoing global expansion efforts as crypto markets heat up and Bitcoin is charting new highs north of $90,000. 

This year, VALR added 500,000 users to its platform, a marked increase from the initial 500,000 who joined during the first 5 and a half years since VALR’s founding in 2018.  This includes over 1,100 institutional and corporate clients. The proportion of international users has grown and now more than 1 in 4 VALR customers comes from outside South Africa’s borders.  

In 2022 VALR raised its $50 million Series B round - the largest crypto raise in Africa to date - led by prominent investors including Pantera Capital, Coinbase Ventures, and F-Prime, an investment arm of Fidelity. VALR has now raised $55 million in total.

VALR started as a spot-only crypto exchange and have since added multiple products to serve their international client base, including spot margin, perpetual futures, staking, lending, an over-the-counter (OTC) trading desk and a leading application programming interface (API) for its high-frequency traders. 

VALR’s user growth and brand recognition have been bolstered by a focus on both African markets and other jurisdictions in Asia and Europe, reaching key milestones in 2024, including being one of the first exchanges to obtain a Category I & II license from South Africa’s Financial Sector Conduct Authority (FSCA).

This year, VALR's team embarked on an international tour, engaging with partners and communities across 12 countries in Asia, Africa, Europe, and the Middle East, further raising the brand’s global profile. As a Platinum Sponsor at Token2049, the world’s largest crypto event, VALR positioned itself as a values-driven exchange that prioritizes customer experience and high standards in both technology and service.

Farzam Ehsani, Co-Founder and CEO of VALR, reflected on VALR’s journey: “It’s inspiring to see how far we’ve come since 2018. Surpassing one million users, with half a million joining us this year, is a testament to our team’s dedication, the trust our customers place in us, and VALR’s momentum. As we continue our growth, we remain committed to providing innovative, high-quality services that serve not just individual traders, but also larger institutions and fintechs looking to build the future of finance.”

As part of its growth strategy in 2024, VALR introduced several initiatives to attract new users, including VALR’s Grand Slam - a year-long futures trading competition with monthly reward pools of up to US$5 million - and VALR’s Futures Trade Arena, where traders compete on return-on-investment (ROI) and profit and loss (PnL) performance with weekly and monthly prizes.

In October, VALR launched a Chinese version of its app, featuring a localized brand and logo, further catering to the platform’s growing Asian user base. VALR’s expansion into Asia complements its established presence in Africa and reflects the global demand for secure, efficient, and values-based crypto services.

About VALR

VALR provides a comprehensive suite of crypto products and services, including Spot Trading, Spot Margin, Perpetual Futures, an API for high-frequency traders, Subaccounts with governance features, OTC Trading, Staking, Lending & Borrowing, Simple Buy/Sell Swap, and VALR Pay.

Founded in 2018, VALR is Africa’s largest cryptocurrency exchange by trade volume, serving over 1,100 corporate and institutional clients and more than 1 million users globally. Headquartered in Johannesburg, VALR is licensed by the FSCA in South Africa, with regulatory approvals in Europe and initial approval from Dubai’s VARA. VALR has secured $55 million in equity funding from top investors, including Pantera Capital, Coinbase Ventures, GSR, and F-Prime, affiliated with Fidelity Investments.

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