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ChainEX, a cryptocurrency exchange in South Africa, has introduced its quick buy and sell feature for all crypto traders on their platform.
The startup — which is based in Jeffrey’s Bay near Port Elizabeth and has raised $1.3-million in rounds in 2017 and 2018 — made the announcement in a statement last week.
The startup said the new feature provides instant execution. Prices are immediately matched, allowing traders the chance to execute orders faster, it said.
It claims that it has simplified the trading process, allowing traders to execute trades even faster.
SA crypto exchange ChainEx has raised $1.3-million in rounds in 2017 and 2018
The startup claims that it is pioneering the industry with new features and innovations. These include a zero-percent maker fee, a knowledge base, dedicated ticket-based support, BTCV markets, and referral programs. Any trader can begin with ZAR and then diversify with thousands of cryptocurrencies.
In an email to Ventureburn, the startup said it has over a thousand users, the majority of them being South Africans and that it recently started generating revenue, but is as yet not profitable.
The startup was founded in 2017 by Ryno Mathee, Otto Lessing (who serves as CEO) and Martin de Bruin.
Mattheee is an entrepreneur with a software development background, while Lessing was admitted as a lawyer in 2001 and has been involved in multiple ventures before becoming involved with ChainEX.
De Bruin is a financial manager at one of the largest dairy farms in South Africa.
Featured image: ChainEx CEO and co-founder Otto Lessing (LinkedIn)