Johannesburg, South Africa, January 29th, 2024, Chainwire
VALR, a global crypto exchange serving professional traders and over half a million retail traders worldwide, is pleased to announce the listing of PayPal USD (PYUSD) against USDT and the South African Rand (ZAR) on its platform, effective Tuesday, January 30, 2024. This strategic move by VALR aims to empower users to easily transition between fiat, crypto markets and networks, and the vast PayPal ecosystem while promoting the usage of crypto assets in the everyday economy.
In August 2023, PayPal introduced PYUSD, its own stablecoin, sending ripples through the digital asset landscape. This dollar-denominated stablecoin, the first initiative of its kind by a major U.S. financial institution, is fully backed by U.S. dollar deposits, U.S. Treasuries, and other cash equivalents, ensuring a one-to-one redemption ratio in U.S. dollars. The PayPal stablecoin is compatible with the Ethereum network, emphasizing its commitment to blockchain technology standards.
Gianluca Sacco, Chief Operating Officer at VALR, expressed enthusiasm about this collaboration, stating, “At VALR, our mission is to provide a seamless gateway into the world of crypto for our users, and to offer a high-performance, high-integrity trading venue for optimal price discovery. By listing PYUSD against USDT and ZAR, we are not only enabling users to swiftly on- and off-ramp into the crypto space but also allowing them to tap into the immense potential of the PayPal ecosystem. We believe this move will further bridge the gap between traditional finance and the crypto world.”
VALR, headquartered in Johannesburg, South Africa, has gained a strong reputation as a global crypto exchange, offering markets across Simple Buy & Sell, Spot, Margin, Perpetual Futures and OTC. With over 900 corporate and institutional clients and serving more than half a million traders worldwide, VALR has processed over $15 billion in trading volume, and has attracted substantial equity funding from prominent investors, including Coinbase Ventures, Pantera Capital, and Avon Ventures, affiliated with the parent company of Fidelity Investments.
This listing will provide VALR users with direct access to PYUSD, enhancing their trading and investment options within the crypto market. The PYUSD/USDT and PYUSD/ZAR trading pairs will be available for trading on VALR starting January 30, 2024.
VALR continues to solidify its position as a reliable and forward-thinking crypto exchange, making significant strides towards simplifying the crypto experience for users around the world. For more information and to stay updated on this development, visit www.valr.com.
VALR is a global crypto exchange, offering spot, margin, futures and over-the-counter trading for a wide variety of crypto assets. Headquartered in Johannesburg, South Africa, with approval to offer crypto services in Europe, VALR caters to more than 900 corporate and institutional clients, and more than half a million users worldwide. The exchange has processed over $15 billion in trading volume and has furthermore secured $55 million in equity funding from reputable investors like Coinbase Ventures, Pantera Capital, and Avon Ventures, affiliated with the parent company of Fidelity Investments.