South African cryptocurrency exchange platform valr.com announced yesterday it has raised more than R750 million (about $50 million) in a Series B round to finance its expansion strategy. This deal represents the largest cryptocurrency fundraising ever in Africa, according to the company, which is currently worth $240 million,

Under its plans, VARL wants to expand into India, while strengthening its presence in Africa. “We believe that Africa’s future is bright for the adoption of cryptocurrencies for both asset diversification and payments. VALR brings an amazing product and service to onboard both retail customers and institutions,” said Paul Veradittakit, partner at Pantera Capital, the company that led the transaction.

Two years ago, in July 2020, VARL benefited from a $3.4 million Series A funding. The resources were used to develop new products and expand into new African markets. The cryptocurrency exchange platform claims to have processed more than $7.5 billion in transaction volume since its launch in 2019. It also claims more than 250,000 retail clients and 500 institutional clients on the continent.

According to an August 2021 study published by research platform Chainalysis, the African cryptocurrency market grew by 1,200% in value between July 2020 and June 2021. Despite this growth, the continent represents the smallest cryptocurrency economy of all regions studied by Chainalysis.

Chamberline Moko