Exclusive Interview | VALR CMO Ben Caselin: How to Become the Largest Exchange in South Africa?

This blog article is the English version of an interview that has been adapted from its original publication on BlockTempo.

In the global cryptocurrency market, VALR from South Africa is a force that cannot be ignored. As the largest licensed cryptocurrency exchange in South Africa, VALR is not only deeply rooted in the African market but is also actively pursuing global growth.

In this exclusive interview, we engage in an in-depth conversation with VALR's Chief Marketing Officer, Ben Caselin, exploring his career journey, insights into the crypto market, the role of institutional investors, recommendations for Taiwan’s ongoing specialized legislation, and the challenges and opportunities facing cryptocurrency exchanges in emerging markets.

From Asia to Africa: A Veteran's Global Perspective on Cryptocurrency

Q: What kind of exchange is VALR?

VALR's Chief Marketing Officer, Ben Caselin, shares that he has worked in the global crypto market for nearly eight years, collaborating with several well-known exchanges and projects in places like Hong Kong and Dubai. Caselin expresses a particular interest in emerging markets, as these areas have a higher Bitcoin adoption rate, which can have a more significant impact.

"VALR is the largest exchange in South Africa in terms of trade volume," Caselin points out. VALR has garnered investment support from top investors such as Pantera Capital, GSR, and Coinbase Ventures, offering a diverse range of products for both retail and institutional clients, including spot trading, futures, margin trading, staking, lending, over-the-counter trading, and payment services through VALR Pay.

"Our vision is to be inclusive globally, and our mission is to build a financial system that reflects the unity of mankind," Caselin emphasizes. VALR is a values-driven company that prioritizes public needs and fairness in the financial system over market speculation and profiteering.

Integrity is More Important than Hype

Q: From your experience at various exchanges, how do you view changes in the crypto market?

Caselin, who has long focused on Bitcoin and held senior positions at multiple digital finance companies, expresses concern about the recent trends of short-term speculation and hype within the industry. "I still believe in Bitcoin's long-term future and think some blockchain projects do hold long-term value, but I have become more skeptical of certain behaviors in the industry."

"Many crypto companies are driven by the prospect of quick riches, ignoring integrity, quality, and basic human dignity. I worry about the excessive emphasis on hype and hope the market can filter out dishonest participants over time."

As the CMO of an exchange, Caselin places a special emphasis on a transparent trading environment and stable financial products. "Our order book is clean and honest, which is why we have particular confidence in our staking and lending products." He believes these products should not merely aim to provide clients with "high returns," but should be part of a robust development strategy for the exchange’s long-term operations.

Africa, Emerging Markets, and Bitcoin

Q: We know VALR has launched a global expansion plan. Which markets do you think have the most potential?

"We are about to become a major sponsor of Blockchain Week in Istanbul, which reflects our interest in new markets," Caselin nods, noting that while Asia has always been an important region for the crypto market and a hotspot for project enthusiasm, future growth opportunities may not be concentrated in Asia.

"Africa is preparing to welcome an unprecedented wave of growth," Caselin emphasizes. He believes that real potential market development should come from countries that see Bitcoin as a strategic reserve asset, rather than focusing on meme coins or Web3 collectibles.

"Countries like Bhutan, which are adopting Bitcoin as part of their national finances, represent the direction worth watching for the future."

Additionally, Caselin predicts that the crypto economy can improve the consequences of deteriorating national debt and broader economic conditions. "Countries that try to control the economy and rely on printing money may face more challenges in the future, especially as bitcoin gains more traction."

Q: What challenges do you see in promoting Bitcoin adoption in emerging markets?

"The main issues in the industry are distractions and dishonesty, which make promoting adoption more difficult," Caselin points out. VALR focuses on "providing genuinely useful financial services rather than chasing short-term trends."

"For instance, after careful consideration, we have not launched an NFT platform, nor have we issued our own platform token. We choose to provide only verified, valuable crypto products and ensure the integrity of the exchange. Chasing short-term excitement without concentrating on fundamental products ultimately leads to disappointment or even business failure."

Q: What is the impact of retail market interest in on-chain launched memecoins on exchanges?

Caselin takes some time to think before responding, "Generally speaking, it doesn't matter to exchanges whether users are trading memecoins or any other tokens, as exchanges earn from transaction fees."

However, he acknowledges that different exchanges offer various services to differentiate themselves. If a large number of memecoins are listed, there could be a reputational risk, as users might be harmed by the extreme volatility of these coins, along with compliance risks.

Caselin believes it is crucial for exchanges to maintain product balance. In addition to listing tokens, they must continue to develop useful technologies and features that promote infrastructure development, as this is the key to growing the entire ecosystem.

Q: What are your thoughts on the cooling of ETH during this bull market?

Regarding the market response to ETH not meeting expectations and the ease with which large holders are dumping, how does an industry veteran view the shift of the memecoin craze to networks beyond Ethereum?

Caselin responds somewhat reservedly, "I'll share my personal perspective. Those investing in Ethereum should do their own research. Personally, I think Ethereum's days may be numbered. While it still has many holders and significant room for upward rebound, I don't believe it can maintain its current key position in ten years. Again, this is just my personal opinion." 

The Future of DeFi and Institutional Entry

Q: What role do institutional investors play in promoting the adoption of Bitcoin and DeFi?

"Decentralized Finance (DeFi) still has a long way to go; the future will not be simply about 'yield farming,' but rather about developing technologies that simplify cross-border value transfer and accelerate everyday economic activities," Caselin explains, focusing on the rationalization of DeFi within crypto finance. He hints that the regulatory intensity regarding DeFi in key regions like the U.S. and the EU will determine the ceiling for DeFi development in the coming years.

As for Bitcoin, which he referred to as digital gold, "the next three to five years could be the most critical development period for Bitcoin," Caselin believes. By that time, most financial institutions will hold Bitcoin or offer Bitcoin-related services to their clients, with innovation increasingly concentrated within the Bitcoin ecosystem. This will include financial instruments, mining infrastructure, and a growing number of legislative bodies in various countries attempting to incorporate Bitcoin into national reserves.

Q: Taiwan is working swiftly to establish regulatory policies for crypto. Do you have any suggestions?

"All countries should view Bitcoin as a strategic reserve equivalent to gold. This is the most important point," Caselin advises from his familiar standpoint. He suggests that governments and regulatory bodies should work closely with exchanges to ensure transparency in operations and to prevent criminal enterprises and individuals from exploiting the crypto network for any form of bribery, money laundering, illegal trade, or tax evasion.

Characteristics and Needs of African Traders

Q: What are African traders most concerned about regarding exchange products? How do they typically make money?

"African traders are not very different from those in Asia or South America; the motivation for investment is always profit or at least wealth preservation," Caselin explains, noting that VALR serves both institutional and retail investors across various regions.

He notes that VALR's institutional clients mainly seek arbitrage opportunities and currency risk hedging. Many seasoned institutional traders use their API services for market making and high frequency trading.

In contrast, VALR's retail users focus more on the spot market, spot margin trading, staking, and lending to earn a yield. Caselin proudly highlights that one of VALR's features is its numerous trading competitions and incentive programs, which are particularly popular among retail users.

For example, VALR hosts a "Weekend Trading Challenge" every weekend, where traders can can trade with discounts on trading fees, and outstanding weekend traders receive additional rewards. 

Caselin also announces that in March, VALR will launch a unique trading competition focusing on Bitcoin and Tether Gold (XAUT), where traders will be ranked based on their trading frequency.

Q: What competitive advantages does VALR's product have in the global market?

"Our staking product is among the most attractive in the global exchange market, with no lock-up period and hourly yield payments," Caselin asserts. VALR has also recently launched a lending platform that allows users to easily earn from idle crypto assets. Users can earn hourly yields on USDT, USDC, BTC, SOL, other tokens, and even South African Rand (ZAR).

Q: As VALR rapidly expands into the Asian market, does it have special support for the Chinese community? 

Caselin mentions that the exchange's website and app already offer a simplified Chinese interface for easier use by Chinese-speaking traders. Regarding users in Taiwan, who prefer traditional Chinese, the team may add support and customer service for those communities later on.

Caselin reiterates that while VALR is currently doubling down on its home market, their goal is certainly to be a global market competitor. With the continuous development of the crypto market, VALR aims to provide high-quality, compliant financial products that bring value to more investors around the world.

Conclusion

As South Africa's largest crypto exchange, VALR not only leads in market size but also demonstrates unique value in its business strategy and integrity. 

Ben Caselin's insights clearly reflect VALR's operating philosophy—not just providing trading but building a long-term sustainable, compliant, and user-friendly financial institution. 

VALR’s global expansion plan is straightforward: strengthen its base in the African market, actively engage in emerging markets like the Middle East and Asia, and pay close attention to the mainstream adoption of Bitcoin and stablecoins in these regions.

From an external perspective, in the context of fierce competition and increasing regulatory scrutiny in the crypto industry, VALR's prudent strategy may position it favorably for the next market cycle, making it a consistent winner in the African, Asian, and global markets.

Risk Disclosure

Trading or investing in crypto assets is risky and may result in the loss of capital as the value may fluctuate.

VALR (Pty) Ltd is a licensed financial services provider (FSP #53308).