VALR to List First Digital’s FDUSD Stablecoin, Enhancing Stablecoin Adoption in Africa and beyond
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
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