How to promote a South African exchange in Asia?
Interviewed: Ben Caselin, CMO VALR.com
Interview and article by Alex Liu, Foresight News
VALR.com is invested by Pantera and headquartered in Johannesburg. It is the largest exchange in the African continent, serving more than 1,000 companies and more than 800,000 traders worldwide. VALR has been making frequent moves in Asia recently. Who is behind it? What are its values and development strategies?
We are pleased to have Ben Caselin, CMO of VALR.com, to share his story and where VALR is headed. Ben has many years of experience in the digital asset space, with a focus on driving adoption of Bitcoin in emerging markets, particularly in Hong Kong and the UAE. He is frequently quoted and published in top media outlets. He is also an active speaker at global conferences.
Background and Experience
Foresight News: You have had a rich career in the crypto industry in Asia and the Middle East, can you share some of the key moments that shaped your current role at VALR?
Ben: Like most people in the crypto industry, my experience has been very interesting. I have experienced a full cycle of crypto business in Hong Kong, from the success of starting a crypto exchange, building a global brand and expanding to multiple markets, to the turmoil of the company's sudden collapse.
My experience in Hong Kong started out relatively “underground”, writing some niche articles and attending relatively unknown meetups. But over time, I witnessed the rapid development of this field, from the ICO boom to the rise of DeFi, to the entry of institutions into this market, and finally witnessed the birth of Web3.
In Dubai, my work involved more dealing with banks, regulators, officials, and even members of the royal family, which gave me a deep understanding of the huge potential that the crypto industry can unleash globally.
It was also at the Burj Khalifa in Dubai that I met Badi Sudhakaran, one of the co-founders of VALR, and that meeting was undoubtedly a pivotal moment.
Foresight News: What unique insights or experiences did you gain while working in Hong Kong and Dubai that you bring to VALR?
Ben: Throughout my career, I have always been values-driven, no question about it. One of the key lessons I’ve learned is: “Make sure there is alignment with the people you work with, the company you work for, and your values.” Once that alignment is established, you can achieve exceptional results.
VALR existed before I arrived. It was founded in 2018 and, through mostly organic growth, has become the largest exchange on the continent by volume, serving over 1,000 institutional clients. VALR was already great before I arrived, and it will be just as great without me, but I’m glad to be a part of it.
Just as I worked to connect Hong Kong and Dubai, I am now excited about connecting Asia and Africa because it is through these connections that we can drive rapid growth.
Join VALR
Foresight News: What brought you to join VALR and how has your role changed since you assumed the role of CMO in November 2023?
Ben: During 2023, I seriously considered quitting the exchange industry and focusing on Bitcoin basic education on a remote island. During this period of reflection, I wrote a book called "The Map of Value: Navigating Society through the Prism of Value", which explores the meaning of the concept of "value" in different dimensions of human life, including money, religion, art, nature, technology, community, and death.
On page 19 of the book, I wrote: “…in the past hundred years, we have experienced the invention of cars, airplanes, spacecraft, telecommunications, the Internet, and Bitcoin, which have helped us see the unity of humanity and that the world is indeed one.”
I share this because if you visit the “About Us” page on VALR.com, you’ll see this quote from VALR’s co-founder and CEO, Farzam Ehsani: “We need a financial system that recognizes the oneness of humanity.”
Based on this, I think the answer for why I chose to join VALR was obvious – everything just fit.
As for my role, the focus in the first few months was to build a solid communications and marketing department, recruit talent, and prepare with the team for global expansion and viral growth of the platform. Now, we are entering the interesting phase, many new users are joining VALR and completing the registration process - I think this is the beginning of a great story for VALR with Asia, and eventually with the world.
Foresight News: VALR is known for its strong values and community orientation, how does your vision align with the company’s philosophy? What new directions have you brought to the company?
Ben: At a core level, the co-founders of VALR and I share the vision that material progress (e.g., technology) alone is not enough to change the world. Material progress must be coupled with moral progress.
At VALR, it’s not just about how we view our user community and partners. Ethics, solidarity, and commitment to integrity are also part of the company’s internal culture, which is very refreshing.
I'm not sure what specific direction I've brought to the company, but I think my colleagues would probably say that I've increased the sense of urgency and pressure in the company. Ultimately, I think if we stick with it, everyone is excited about the future. What can I say? Just keep going!
Expanding into Asia
Foresight News: VALR has ambitious plans for the Asian market, can you elaborate on your strategy for entering this market and the key challenges you foresee facing?
Ben: While VALR is known as a regional leader in South Africa, our largest customers are actually already in Asia. We will continue to host meetups, attend conferences, build partnerships over the coming months, and we will soon be launching a Chinese version of the app.
At the same time, we’re meeting more people, expanding the community, and launching some really cool incentive programs to drive growth and volume.
Every month, we offer a bonus pool of up to 5 million USDT to the highest volume futures traders based on trading volume. We are also about to end the "Solana Summer" event, distributing more than 300 SOL rewards to traders of all levels. For existing customers and new users, we have also launched a Global Treasure Hunt, where users can get USDT and USDC rewards by completing simple tasks such as completing KYC, making trades, referring friends, or staking. In October, we will also launch trading competitions based on profit and loss and ROI to help everyone measure their trading level.
Foresight News: Asia is home to some of the world’s largest crypto exchanges. What is VALR’s unique advantage in this competitive market?
Ben: There are many exchanges in this region whose backgrounds come from Forex, e-commerce or online gambling. The growth philosophy behind these exchanges is very effective.
VALR is nothing like that. It was founded to solve society’s problems, and while revenue is important — and we are profitable — VALR prioritizes people over profits. VALR is a customer-centric company, as anyone who has traded with us will attest.
Asia is of course very important to us, and this market is also very saturated, but people are hungry for new opportunities. VALR is opening up new opportunities by building bridges between different crypto hubs, effectively opening up opportunities in Africa to partners in Asia, Europe, and the US, while expanding our user base globally.
It is no secret that the African market is increasingly seen as fertile ground for crypto adoption due to high inflation, banking inefficiencies, and the need for financial inclusion. By bridging these two regions — Asia’s mature crypto markets and Africa’s emerging markets — VALR is leveraging a unique growth strategy that other exchanges have difficulty pursuing. Our investors, including Pantera Capital, Coinbase Ventures, and GSR, as well as our recently-acquired license under South Africa’s Financial Services Conduct Authority (FSCA), also put VALR in a unique position.
Opportunities and Partnerships
Foresight News: As VALR expands globally, what kind of partnerships are you looking to build in Asia?
Ben: VALR thrives on partnerships, and we are open to working with anyone who wants to advance human progress. On the OTC side, we have partnerships with Circle and Tether to provide deep liquidity across different blockchain protocols. We are also working with some of Africa’s largest fintech companies that serve millions of customers, allowing them to build on VALR and use our infrastructure.
But beyond crypto local and fintech companies, we are also in advanced talks with some of Africa’s largest banks — although we can’t reveal more at this time.
Asia is no exception. We are open to working with new Web3 projects, stablecoin issuers, fintech companies, liquidity providers, KOLs, trading groups, aggregators, etc. The key to growth is to build connections, and that is what we are doing.
Foresight News: What skills or expertise are you currently specifically looking for in professionals in Asia who are interested in joining VALR?
Ben: VALR is a fully remote company with employees located around the world, including in Asia. As we grow in Asia and Europe, we are looking for more dedicated and talented people to join our team — not just in marketing, but also in business development, customer service, and other key operational departments of the exchange.
Industry and future prospects
Foresight News: With crypto regulations changing so rapidly, why is 2024-2025 a pivotal time for the industry? How is VALR positioned for long-term success?
Ben: It is no exaggeration to say that the world is in great turmoil. On the macro level, we can see that the global financial system is facing tremendous pressure, the volatility of financial markets is unprecedented, and geopolitics is becoming increasingly insecure.
We believe that Bitcoin and cryptocurrency adoption are an important part of solving some of the world’s biggest problems. For us, this means we must always stay the course. Integrity will always win, and by adhering to our values — such as solidarity, honesty, transparency, and justice — we believe we have a good chance of success in the long term.
Foresight News: What broader goals do you hope to achieve at VALR over the next few years, particularly in terms of global growth and industry impact?
Ben: We live in a world where confidence in institutions is declining every day. But trusted institutions are necessary for peace and prosperity in society. I believe VALR will become such an institution, and we are moving in the right direction with every step.
Next year we will be hosting a very special event in Cape Town, South Africa, which will be unique and impactful, and I hope to see participation from many of our Asian partners and community members, so that together we can connect different continents, open new markets, and build a better world.
