South African crypto exchange VALR has announced a new partnership with global card payment group Visa to expand the use of crypto payments in local and global markets.
In what it calls a “strategic partnership”, VALR said that it will be collaborating with Visa on payment services that should open up crypto payments and help push the adoption of digital currencies.
The group noted that it recently obtained approval to offer crypto services in Europe and is in the process of obtaining licenses in Dubai, Mauritius and South Africa.
“The VALR-Visa partnership follows other Visa partnerships with leading global crypto asset service providers such as Coinbase, Crypto.com and Circle,” it said.
“Visa is a household name in payments, with vast experience and global reach. A partnership with Visa was a natural step for VALR as we bring more innovative products and services to our customer base,” said Farzam Ehsani, VALR Co-founder and CEO.
VALR currently offers services like VALR Pay – which is compatible with crypto payments at Pick n Pay – blockchain staking and spot margin trading. It said it will soon be launching a perpetual futures product.
Visa, meanwhile, started a crypto consulting service and invested in crypto platforms as part of a global push for digital currency adoption.
Visa said the partnership will allow the group to work on payment and card products that allow VALR customers to use the Visa network to make and receive payments globally.
“The use cases are vast, and we’re looking forward to the collaboration with VALR to provide customers with a unique value proposition,” the group said.
VALR is a crypto exchange headquartered in South Africa that lets customers trade bitcoin and a wide range of other crypto assets. The group said it has processed over $10 billion in trading volume and has raised $55 million in equity funding since launch.