- VALR has hit a significant growth milestone.
- The growth follows rising asset prices, regulatory wins, and enticing promotion campaigns.
- The company has its sights set on expansion.
Amid Bitcoin‘s impressive 2024 showing, significant interest is again returning to the crypto market, boosting crypto businesses worldwide.
One such firm is leading South African-based crypto exchange VALR. The firm has clinched a monumental user milestone amid the returning crypto interest.
VALR Hits 1 Million Users
Leading South African exchange VALR has hit a significant growth milestone as crypto assets stage a resurgence. On Thursday, November 14, the firm disclosed that its user base doubled in 2024 to surpass the 1 million mark, a sign of growing interest in crypto and trust in the platform.
Sponsored
While rising crypto asset prices have likely impacted the firm’s fortunes, other factors are also at play. In April 2024, VALR became one of the first exchanges to obtain Category I and II licenses from South Africa’s financial regulator, the Financial Sector Conduct Authority (FSCA). This achievement likely helped bolster user trust.
At the same time, in 2024, the firm embarked on several enticing promotional campaigns to attract new users. Among them are Grand Slam, a year-long futures contest with monthly prize pools of up to $5 million, and Futures Trading Arena, which sees traders compete for weekly and monthly prizes.
As such, commenting on VALR’s recent user milestone, CEO Farzam Ehsani partially celebrated it as the result of the company’s dedication.
"Itโs inspiring to see how far weโve come since 2018. Surpassing one million users, with half a million joining us this year, is a testament to our teamโs dedication, the trust our customers place in us, and VALRโs momentum. As we continue our growth, we remain committed to providing innovative, high-quality services that serve not just individual traders, but also larger institutions and fintechs looking to build the future of finance," he asserted in a statement.
Meanwhile, building on recent successes, the company wants to expand its influence beyond South Africa.
VALR Sets Sights on Asia
As part of an emerging global expansion campaign, VALR appears to have its sights firmly on Asia, a move first signaled by the firm’s decision to splurge on a platinum sponsorship at the Token2049 event held in Singapore in September 2024. For context, platinum sponsorship for the two-day event costs roughly $200,000.
The firm followed up on this marketing effort by launching a Chinese version of its app in October 2024, featuring a localized brand and logo.
"VALRโs expansion into Asia complements its established presence in Africa and reflects the global demand for secure, efficient, and values-based crypto services," the firm asserted in a statement.
Amid these expansion efforts, VALR now claims that more than 25% of its users come from outside South Africa.
On the Flipside
- Despite VALR’s recent milestone, the exchange still has a long way to go before it can compete with global market leaders like Binance and Coinbase. At the time of writing, it boasts a 24-hour volume of only about $27 million.
- VALR’s continued growth will likely be subject to the whims of the crypto market.
Why This Matters
VALR is one of Africa’s largest crypto exchanges, valued at $240 million after raising $50 million, the largest by any African exchange, in a round led by crypto giants like Pantera and Coinbase.
Read this for more on VALR:
VALR CMO Ben Caselin Highlights Unique Crypto Adoption Patterns in Emerging Markets
Follow the discussion surrounding Ethereum’s Beam Chain:
Why Ethereumโs Beam Chain Needs to Take Five Years
