South African Exchange, VALR, Goes Live in Zambia
South African Exchange, VALR, has gone live in Zambia.
By Anna B Kiwanuka
South African crypto exchange, VALR, has been launched in Zambia with crypto trading pairs using the Zambian Kwacha (ZMW).
The crypto exchange stated on its blog, “We’re excited to announce that VALR, Africa’s largest crypto exchange, has arrived in Zambia!”
“Thus far, our ZAR pairs have seen a cumulative trading volume of over R167bn ($10bn) and now we’re expanding to the Zambian market with BTC/ZMW & USDC/ZMW trading going live on Monday, 21 November, at 11:00 am,” the crypto exchange further stated.
Speaking more about crypto trading pairs, VALR also noted that Zambian customers will now be able to simply buy or sell Bitcoin (BTC) and USD Coin (USDC) directly with Kwacha.
Additionally, all customers have access to the 60+ cryptocurrencies already available on VALR.
Speaking about the Zambian launch, VALR CEO, Farzam Ehsani, said,
“As the largest crypto exchange headquartered in Africa, VALR is excited to now be serving the people of Zambia,” says VALR CEO Farzam Ehsani. “We’ve built a world-class product with a focus on robust security, high performance, and regulatory compliance, and we look forward to welcoming the Zambian retail and institutional market to VALR.”
VALR concluded the blog by saying that the BTC/ZMW & USDC/ZMW trading launch will roll out over three stages for the advanced traders.
The trading launch started with Post-only which happened on 21 November at 11:00 am. In this stage, starting at 11:00 am, customers will be able to post buy-orders and sell-orders on the Exchange Buy/Sell screen. No matching (or completion) of trades will be allowed, which will give time for the order book to fill up with sufficient liquidity from traders. This stage will last a minimum of 10 minutes.
The Limit-only (at least 10 minutes after the Post-only stage) follows. In this stage, customers can only place limit orders on the Exchange Buy/Sell screen. Market orders and the simple Buy/Sell feature will not yet be enabled. During this stage, orders will be allowed to match. This stage will last at least 1 hour.
Full trading comes after (at least 1 hour after the Limit-only stage). In this stage, all trades, including market orders and Simple Buy/Sell orders will be allowed.
VALR has processed over $10 billion of trading on the platform since launch. The crypto exchange recently raised $50 million in one of Africa’s largest ever crypto funding round. The proceeds of the raise will be used primarily to expand across Africa and into other emerging markets such as India, and to bring more products and services to its growing base of global customers.