This archive report was first published on 28 June 2021.
On June 28, 2021, VALR, one of South Africa's largest crypto exchanges, introduced VALR Pay, a free and easy way to send ZAR payments to any mobile number or email address.
VALR had previously launched its digital asset trading platform in early 2019 after securing $1.5 million in funding from Bittrex and Montegray Capital, led by former FNB CEO Michael Jordaan.
The startup raised an additional ZAR 57 million (approximately $3.4 million) in Series A funding in July 2020 to support the development of new products and expansion into other regions.
With over 55 coins available and 150,000 account holders, VALR now boasts the largest selection of cryptocurrencies in South Africa.
VALR Pay allows customers to send ZAR to each other at zero cost, using any mobile number or email address, even if the recipient does not have a VALR account. The recipient will receive an email or SMS with an invitation to sign up to VALR for free to claim the funds.
According to VALR co-founder and CEO Farzam Ehsani, "The cost and friction of payments in South Africa is too high. So we decided to build VALR Pay. It's free, fast and easy. Why bother with banking details and branch codes? Just open up your VALR app, type in a ZAR amount, select a contact from your address book and you're done!"
