VALR Expands Global Footprint with Cryptocurrency Operating Licenses in Dubai and Mauritius

VALR, South Africa’s leading cryptocurrency exchange, has made significant strides in its global expansion efforts by submitting applications for cryptocurrency operating licenses in both Dubai and Mauritius. Additionally, since September 2022, the exchange has obtained authorization to operate in the virtual assets market in Poland.

Founded in 2018, VALR boasts a substantial client base comprising over 600,000 retail customers and more than 1,000 institutional clients across South Africa and abroad. Last week, VALR was among the 75 entities awarded South Africa’s inaugural crypto licenses, further solidifying its position in the local market.

The pursuit of licensing in Dubai and Mauritius aligns with VALR’s overarching strategy to broaden its global reach, overcoming previous challenges encountered in expansion endeavors. Notably, the exchange faced obstacles in Zambia, leading to the cessation of operations due to banking issues. Similarly, regulatory hurdles thwarted plans to enter markets in India, Kenya, and Nigeria.

Blake Player, VALR’s head of growth, underscored the significance of obtaining licenses in Dubai and Mauritius in facilitating the company’s expansion goals. In an interview with TechCabal, Player expressed VALR’s commitment to exploring global opportunities and outlined plans to venture into multiple markets beyond South Africa.

The momentum behind VALR’s expansion efforts received a substantial boost in March 2022 with a $50 million Series B funding round. Led by Pantera Capital, the funding round propelled VALR’s valuation to $240 million and was earmarked to support the exchange’s growth trajectory across Africa and emerging markets, including India.

As VALR continues to navigate regulatory landscapes and secure licensing agreements, its strategic focus on global expansion underscores its determination to establish a significant presence in key cryptocurrency markets worldwide.