Singapore, Singapore, September 19th, 2024,
Chainwire
VALR, Africa’s largest cryptocurrency exchange by trading
volume, today announced it will be listing First Digital’s FDUSD
stablecoin on the 23rd of September. This strategic partnership
will introduce three new spot trading pairs: BTC/FDUSD, FDUSD/ZAR,
and FDUSD/USDT, making FDUSD more accessible to a global user base
on the VALR platform.
This listing is part of a larger collaboration between VALR and
First Digital, aimed at increasing the distribution and utility of
FDUSD. In the coming months, both companies will roll out
initiatives designed to drive the distribution and trading volume
of FDUSD, and to enhance its use through VALR Pay, VALR’s payments
platform.
VALR’s Role in Transforming Financial
Systems
Established in 2018 and backed by Pantera Capital, VALR is
focused on revolutionizing traditional financial infrastructure by
facilitating the adoption of digital assets and stablecoins like
FDUSD. Stablecoins are essential for users seeking financial
stability and transactional efficiency in volatile markets. Through
this partnership, VALR reinforces its commitment to offering secure
and stable digital assets to its users.
"We’re pleased to bring FDUSD to our platform in partnership
with First Digital," said Farzam Ehsani, Co-founder and CEO of
VALR. "Stablecoins like FDUSD play an important role in the
evolution of the global financial system, and VALR is
well-positioned to facilitate their adoption, given our global
reach and robust fiat infrastructure."
With corporate and institutional clients spanning Africa, South
America, Europe, and Asia, and strong fiat on- and off-ramp
capabilities through wire transfers in US dollar, euros as well as
South African Rand, VALR provides an ideal platform for integrating
stablecoins like FDUSD.
Expanding Global Access to FDUSD
“Our partnership with VALR will bring FDUSD to a wider audience,
particularly in Africa, where the need for financial stability and
accessible digital assets is growing. Leveraging VALR’s
infrastructure and expertise, we aim to enhance FDUSD’s
distribution and utility to users and businesses. This
collaboration is a key step toward expanding global stablecoin
adoption and driving impact in both emerging and developed
markets.” said Vincent Chok, CEO of First Digital.
FDUSD, issued by Hong Kong-based First Digital under its
subsidiary First Digital Labs, is a stablecoin backed by cash
reserves and highly-liquid US Treasury investments. Built on
Ethereum, BNB Chain, Sui Network, with support from other protocols
in the pipeline, FDUSD is designed to provide stability and
security for a range of financial services, from remittances to
escrow contracts.
About VALR
Founded in 2018, VALR is a global crypto exchange, offering a
wide range of products and services including Spot, Margin,
Futures, Staking, and OTC trading. VALR serves over 1,000 corporate
and institutional clients and more than 800,000 customers
worldwide. Headquartered in Johannesburg, VALR is licensed by the
Financial Sector Conduct Authority (FSCA) in South Africa, approved
to offer services in Europe, and has received initial approval from
Dubai’s VARA. The exchange has secured $55 million in equity
funding from prominent investors, including Pantera Capital,
Coinbase Ventures and GSR. For more information, visit: valr.com
About First Digital
First Digital USD
(FDUSD) is a fully 1:1 USD-backed stablecoin with
uncompromising trust by design offering integrity, accessibility
and scalability. FDUSD is always redeemable on a one-to-one basis
for cash. Reserves are fully backed by highly liquid cash and cash
equivalent assets, held in fully segregated bankruptcy-remote
holding structures. Collateral is safeguarded by a top-tier,
qualified custodian with a trust license for seamless asset
protection and regulatory compliance, with independent attestation
reports published monthly. FDUSD is issued onshore out of Asia, is
the first native stablecoin on the Sui network and currently
available on Ethereum and BNB Chain. FDUSD has since become one of
the top five USD-denominated stablecoins by market cap. To learn
more about FDUSD, visit www.firstdigitallabs.com
For media inquiries, please contact:
press@valr.com or rachelle.ma@edelman.com
Contact
VALR
press@valr.com