SOUTH AFRICA – South African based crypto-currency exchange platform Ovex has announced a strategic investment from quantitative crypto-currency trading firm Alameda Research, developer of FTX, the fifth-largest crypto derivatives exchange in the world by trading volume.
This as Bitcoin, the world’s most valuable digital currency, has witnessed massive growth in value over the past months.
Ovex did not disclose how much investment it received.
Ovex was founded in 2017 and specialises in over-the-counter (OTC) trading. It spent 14 months perfecting the technology behind the platform, with a matching engine that is capable of processing in excess of one million trades per second.
Ovex did not disclose the amount of investment it received.
Ovex was founded in 2017 and specialises in over-the-counter (OTC) trading and has so far spent 14 months perfecting the technology behind the platform, with a matching engine that is capable of processing in excess of one million trades per second.
‘’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”Jonathan Ovadia – CEO, Ovex
The company said this makes it one of the fastest exchanges in the world.
Having launched in January 2018, the exchange has seen rapid growth, catapulting it into the top three South African exchanges by daily trading volume., it added.
In March 2019, Ovex also received funding from Invictus Capital to complete two successful funding rounds – the first with Newtown Partners, whose directors include Shark Tank SA’s Vinny Lingham and executive director of The Bitcoin Foundation, Llew Claasen.
Alameda Research was founded in October 2017 and manages over US$100 million in digital assets and trades US$600 million to US$1.5 billion per day across thousands of products – all major coins and altcoins, as well as their derivatives.
In a statement, Ovex said with US$270 million in monthly trading volume and a valuation of over US$66.2 million, the crypto exchange is delivering prime brokerage services to institutions and high net-worth individuals across Africa amid rising demand for crypto access.