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South African-based cryptocurrency exchange platform that specialises in over-the-counter (OTC) trading, OVEX, has secured an undisclosed investment from Alameda Research a quantitative cryptocurrency trading firm and developer of the 5th largest crypto derivatives exchange in the world by trading volume, FTX.
OVEX secures undisclosed investment amount
In a press statement, Jonathan Ovadia, CEO of OVEX comments on the funding received.
“With support and funding from FTX, we are committed to improving market efficiency in South Africa and the wider continent, empowering people here to get the access they deserve in a decentralized ecosystem.”
To decentralize finance and offer wealth-creating investment opportunities to everyone, OVEX offers an easily accessible cryptocurrency exchange platform that offers 26 cryptocurrencies and ZAR deposits.
Ovadia highlights the importance of creating financial growth opportunities for Africans.
“Operating out of one of the continent’s leading cryptocurrency markets in South Africa, OVEX understands the value of digital assets in its economic climate and the novel financial opportunities the platform can offer to both retail and institutional investors.”
Aside from offering cryptocurrency exchange, OVEX offers Bitcoin arbitrage, which allows investors to earn arbitrage-trading profits on the discrepancy in the bitcoin price between the USD and the ZAR along with several other products such as depositing crypto into an interest-bearing account to earn four percent annually.
OVEX claims to have a $270 million in monthly trading volume and a valuation of over one billion South African Rand (ZAR) and aims to provide brokerage services to institutions and high net-worth customers across Africa as there is a rising demand for crypto access.
Growing cryptocurrency exchange in Africa
According to a report by Chainanalysis, between July 2019 and June 2020, the total volume of bitcoin traded to and from Africa rose more than 55 percent, and the total number of transactions more than 30 percent.
This research indicates that over the past few years Africa has become a cryptocurrency hotspot due to the larger unbanked population turning to peer-to-peer solutions for access to the retail financial market.
“I’m excited about our strategic investment in OVEX, Africa’s leading OTC desk. Crypto may have a big impact on the future of Africa, and I’m looking forward to seeing where it goes,” concludes Samuel Bankman-Fried, CEO of FTX and Alameda Research.
Featured image: Dmitry Demidko via Unsplash