Cryptocurrency hedge fund invests in South African crypto exchange VALR.com

In an effort to expand its global footprint, digital asset-focused hedge fund Pantera Capital backed South African cryptocurrency exchange VALR.com in its most recent funding round, the company told Bloomberg Tuesday. Founded in 2018, VALR.com facilitates $7.5B worth of annual trades in more than 60 cryptos, such as bitcoin (BTC-USD) and ethereum (ETH-USD). The Johannesburg-based crypto exchange raised $50M, valuing the company at $240M, VALR.com CEO Farzam Ehsani told Bloomberg. The proceeds will be used to expand operations in Africa and India, he added. Some other investors that participated in VALR.com's funding round included Coinbase Ventures, Coinbase's (NASDAQ:COIN) venture capital arm, Alameda Research and CMT Digital. Previously, (Dec. 10, 2021) South Africa planned to reveal crypto rules this year.