Pantera-backed crypto exchange VALR is expanding its services to Poland as part of its global growth strategy. The South African exchange is venturing beyond the African continent, with Poland being its first destination for international expansion.

In an interview with Reuters, VALR CEO Farzam Ehsani expressed the exchange’s goal to attract more clients outside of South Africa. Currently, 75% of VALR’s customer base is from Africa. Ehsani revealed that VALR has obtained approval to offer crypto services in Poland after receiving initial approval from Dubai’s crypto regulator VARA. The exchange is also pursuing a license in Mauritius to further expand its global presence.

“The intention here is to provide products and services to a growing global audience. We aim to establish ourselves as a major player on the global stage rather than just being the largest in Africa,” said Farzam Ehsani.

Despite operating across Africa, VALR has decided not to enter the Nigerian market due to the Nigerian government’s crackdown on crypto exchanges. Authorities in Nigeria have raised concerns about the alleged role of exchanges in facilitating a black market for foreign exchange.

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

For more information, VALR has appointed Ben Caselin as its Chief Marketing Officer to support its global expansion efforts.

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