Cape Town-based cryptocurrency exchange OVEX has raised an undisclosed amount of funding from Newtown Partners, the VC firm jointly run by Vinny Lingham, the Shark Tank investor and chief executive officer (CEO) of blockchain identity firm Civic.
OVEX allows South Africans to buy and sell over 18 digital assets, and has also rolled out a new type of interest account that offers users the chance to earn up to seven per cent interest on their crypto balances.
In the latest batch of funding for a South African crypto exchange after recent raises by the likes of VALR and Revix, the startup has now secured an undisclosed sum from Newtown Partners, managed by Lingham and Llew Claasen.
“South African’s have a deep interest in cryptocurrency and bitcoin especially. It is my hope that OVEX will provide South Africa a secure, affordable, and fully featured avenue to get into the crypto space,” said Vinny Lingham.
OVEX CEO Jonathan Ovadia said the company had been working on its project for over a year and was proud of the offering it had built.
“Our goal is to provide the South African market with a world class product and more importantly world class liquidity. We have developed an exchange for all types of crypto enthusiasts, with an advanced trading interface as well as a simple one-click buy or sell option,” he said.
Through the use of artificial intelligence and a partnership with Lingham’s Civic, OVEX users who wish to withdraw more than ZAR20,000 (US$1,400) are able to verify their identity in a matter of minutes. OVEX has also secured a partnership with the San Francisco-based coin TrueUSD, which allows OVEX users to purchase TUSD at the bank rates and have it deposited directly into their OVEX account wallet. This means OVEX users can buy cryptocurrency at international rates.