South Africa-based cryptocurrency exchange platform OVEX, which specialises in over-the-counter (OTC) trading, has announced a strategic investment from quantitative cryptocurrency trading firm Alameda Research, developer of the fifth largest crypto derivatives exchange in the world by trading volume – FTX.
Founded in 2017, OVEX offers South Africa’s largest selection of digital asset markets, and has partnered with several leading cryptocurrency companies and firms, including Invictus Capital, Hyperion, and TrueUSD.
With $270 million in monthly trading volume and a valuation of over one billion South African Rand (ZAR), OVEX is delivering prime brokerage services to institutions and high net-worth individuals across Africa amid rising demand for crypto access.
The startup raised two rounds of funding in 2019, and has now secured further investment to help it scale its operations in South Africa and across the rest of the African continent.
“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,” said Jonathan Ovadia, chief executive officer (CEO) of OVEX.
“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 decentralised ecosystem.”
“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,” said Samuel Bankman-Fried, CEO of FTX and Alameda Research.