VALR, the South Africa’s largest crypto exchange by transaction volume, has applied for crypto operating licenses in Dubai and Mauritius. The exchange also acquired an authorisation to trade virtual assets in Poland since September 2022.
VALR was founded in 2018 claims to service over 600,000 retail customers and over 1,000 institutional customers across South Africa and globally.
Last week, the exchange was one of the 75 recipients of South Africa’s first-ever crypto licenses.
The exchange’s licensing forms part of its global expansion strategy which has encountered significant obstacles in the past. VALR had to shut down operations in Zambia due to banking challenges. The exchange also had to put brakes on its India, Kenya and Nigeria expansion plans, citing regulatory challenges.
According to Blake Player, head of growth at VALR, the licenses in Dubai and Mauritius will allow the company to continue pursuing its expansion strategy. “We are open to pursuing global opportunities and will be exploring several markets outside SA in the near future,” Player told TechCabal.
VALR announced a $50 million Series B in March 2022 at a valuation of $240 million. The round was led by Pantera Capital and sought to enable the exchange’s expansion across Africa and into other emerging markets including India.
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