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South African crypto exchange VALR picks Poland for expansion in Europe

south-african-crypto-exchange-valr-picks-poland-for-expansion-in-europe
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South African crypto exchange VALR picks Poland for expansion in Europe

Pantera-backed crypto exchange VALR will now offer services in Poland as part of its global expansion efforts.

South African cryptocurrency exchange VALR is moving beyond the African continent, choosing Poland as its first stop in expansion across the globe.

In an interview with Reuters, VALR CEO Farzam Ehsani said the exchange wants to increase its share of clients outside of South Africa, given that about 75% of its current customers are from Africa. He noted that VALR was recently granted the approval to offer crypto services in Poland after it had received initial approval from Dubai’s crypto regulator VARA. Beyond Poland, the exchange is also seeking to obtain a license in Mauritius, Ehsani added.

“The intention here is to be able to provide products and services to a global audience that is continuously growing. The intention is to actually become a global player because we’re not satisfied with being the largest in Africa.”

Farzam Ehsani

Despite offering services across Africa, VALR has decided not to extend its operations to Nigeria. This decision comes in the wake of Nigerian authorities’ crackdown on crypto exchanges, citing concerns over their alleged facilitation of a black market for foreign exchange.

Founded in 2018, VALR secured a $240 million valuation in 2022 following a successful fundraising round led by Pantera Capital. Other investors, including Alameda Research, Cadenza, CMT Digital, Coinbase Ventures, Distributed Global, GSR, Third Prime, and Avon Ventures also participated in the funding.