South African cryptocurrency exchange ChainEX has partnered with global equivalent OKEx to offer more liquidity to its traders.
Founded in 2018, ChainEX provides South Africans with a secure, user-friendly platform to buy, sell and trade various cryptocurrencies, including bitcoin and ethereum, with the South African Rand as the default fiat currency.
OKEx, meanwhile, is a world-leading cryptocurrency exchange, providing advanced financial services to traders globally by using blockchain technology. With just over 20 million users in over 100 countries, OKEx has nearly US$1.5 billion daily trading volume.
The partnership between the two gives ChainEX a national and international footprint in the industry, and means more liquidity for its traders.
“This collaboration will give many South Africans and Africans access to a top tier, global cryptocurrency exchange, as well as bring new liquidity and volume to ChainEX,” said the startup’s co-founder and chief technology officer (CTO) Ryno Mathee.
ChainEX has raised pre-seed and seed funding rounds, the latter in March 2018, totalling US$1.3 million, with backers including individuals and private companies locally and abroad. Though the first couple of years were slow, it has recently been gaining in traction, and now has over 1,500 users.
Mathee believes this is due to the company’s focus on customer care, and its innovative products.
“We added different, unique order types. Specifically our accumulation and distribution order types. It’s like having your own little trading bot trying to distribute and accumulate certain coins. We’re currently the only exchange in South Africa that does that,” he said.
“We launched our quick buy and sell feature. It allows traders to execute trades and orders instantly and efficiently. We also recently launched our Bitcoin Vault (BTCV/ZAR) Markets. We’re the only cryptocurrency exchange to offer BTCV/ZAR.”
ChainEX, which is launching a mobile app soon, is open to users from all over the world, though the majority of its customers are South African. The startup charges a 0.25 per cent commission on each trade.