South African exchange VALR partners with Visa for crypto payments

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Crypto exchange VALR has announced a partnership with Visa that entails collaborating with the payments giant to open up crypto payments in South Africa as well as globally.

Crypto payments fill a void

Crypto payments are becoming an alternative to their equivalency in the banking system, and allowed to evolve and mature, without harsh regulatory restrictions, can fill a void that traditional banking still appears unable to do itself, due to slow settlement times.

The VALR crypto exchange is relatively unknown outside its South African borders, but it recently won approval to offer crypto services in Europe, and according to a report on the S.A.-based Business Tech news platform, VALR is also in the process of acquiring licences in South Africa, Dubai, and Mauritius.

VALR supplies innovative services

Farzam Ehsani, VALR Co-founder and CEO, said of the partnership in a VALR blog :

“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,”

According to the Business Tech report, VALR is able to offer services such as VALR Pay, blockchain staking, and spot margin trading. It is also working on adding a perpetual futures product to these services.

The partnership with Visa will allow VALR customers to use the payment giant’s network to make and receive payments across the globe. 

Use cases vast with Visa

Lineshree Moodley, General Manager of Visa South Africa, said of the partnership:

“Visa is excited to work with VALR to issue Visa credentials to VALR customers. With this partnership we will work on innovative payment and card products that empower VALR customers to utilise 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.”

Already working with such luminaries in the crypto world as Coinbase, Circle, Crypto.com, and recently with Solana, Visa has definitely decided to take the plunge and go with the incredible innovations that the crypto sector brings to finance. It remains to be seen how this space will evolve as crypto payments come up against traditional finance and a rather harsh and suppressive regulatory regime.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.