PODCAST | VALR pushes crypto payments with new Visa partnership

The growing mainstream use of cryptocurrencies to store wealth and trade goods is the focus of this edition of the Business Day Spotlight. 

Our host Mudiwa Gavaza is joined by Farzam Ehsani, VALR co-founder and CEO. 

Ehsani explains that as an asset class cryptocurrencies, though quite volatile, now enjoy much more support and confidence from the mainstream investment world. That confidence has been pushed further by recent statements of support from Larry Fink, CEO of BlackRock, the largest money management firm in the world. 

In addition, reports that a number of large institutional investors including BlackRock and Fidelity are looking to launch crypto-based exchange-traded funds (ETFs) have also driven positive sentiment. 

Even then, the sector continues to be plagued by scandals such as the ongoing trial of Sam Bankman-Fried, after the collapse of his now infamous crypto exchange FTX.

Ehsani says VALR is the largest SA crypto exchange by trading volume.

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The company, established in 2018, is a crypto exchange headquartered in SA with customers around the world. VALR has processed over $10bn in trading volume and has raised $55m in equity funding since launch. The platform allows customers to trade Bitcoin and a range of other cryptocurrency assets, with half a million retail customers and more than 900 corporate and institutional clients globally.

In SA, the company has been expanding its suite of products beyond being an exchange. One such area is using cryptocurrency as a way to pay for everyday goods and services. 

To that end, VALR announced a deal this week with Visa, the world’s largest card network, for the issuance of Visa cards and other digital payment solutions, bringing together the crypto expertise and payments capabilities of each party respectively. 

Topics of discussion include: the performance of cryptocurrencies as an asset class; sentiment around Bitcoin; the growing use of crypto-backed payment methods; and an outlook for the sector. 

Business Day Spotlight is a TimesLIVE Production.