The most liquid in Africa The cryptocurrency exchange, OVEX, has earned a reputation among large-scale investors, courtiers, and asset managers. This is because the exchange has refined its position of private bank for crypto in Africa. OVEX offers these high-volume investors a personalized trading service that makes it easy for them to achieve their goals.
“Experienced investors, courtiers and asset managers enjoy working with us,” said Jon Ovadia, CEO of OVEX. “It’s because we take a human approach to the way we do business. We seek to understand the goals and then work directly with them to help them achieve those goals. It’s a different relationship than what people expect with a financial institution.
Indeed, public confidence in commercial banks has declined. Research by survey group YouGov, in conjunction with the University of Cambridge and the Guardian has revealed shocking statistics such as:
- 83% of survey respondents thought bankers were greedy;
- 80% said bankers don’t have enough to save the world from the financial crisis “that they themselves created”; and
- 57% do not think the banking sector is improving.
The survey reflects the social context in which bitcoin was first released in 2009 by the mysterious and pseudonymous Satoshi Nakamoto, right after the 2008 financial crisis that so many still suffered from.
The purpose of cryptocurrency was to redefine the financial ecosystem.
OVEX’s human approach
OVEX embodies this change. Upon signing up for its over-the-counter (OTC) service, large investors receive a dedicated team they can chat with via WhatsApp for anything they need, anytime. Placing an order for cryptocurrency is literally as easy as typing “Hey guys, give me 100 BTC” and within seconds the customer receives a quote which they can then lock in at will. Once the rate is locked, the transaction is executed with zero latency.
The icing on the cake is that OVEX’s ultra-deep liquidity means these trades are made with zero slip and slip zero fees except for the spread – the difference between the buy price and the sell price. Such a practice was unheard of in cryptocurrency exchanges until the arrival of OVEX.
Some OTC customers also have access to a R100 million no-questions-asked line of credit to help them transact on the spot. It is a “trade now, pay later” approach where the trader can immediately access the line of credit to lock in a price and then complete the trade, without having to wait for the debt to be favored.
Again, this is OVEX’s exceptional liquidity which makes this possible. In one month, the stock exchange traded at more than 7.5 billion rand. Only R3 billion is processed by third parties using OVEX’s automated API. The company also has nearly R1 billion of assets under management in its high interest crypto accounts, which can help investors earn up to 20% annualized interest.
The company’s liquidity coupled with its concierge service for large private investors and institutional investors had a snowball effect on growth. The price of transactions over US$1 million now regularly outperforms OVEX’s competitors by at least 3%.
Additionally, OVEX recently began offering trade discounts and rewards to customers who clear a minimum volume of $500,000 per month. Every dollar traded above this minimum will receive a rebate of R0.0025, which will be credited directly to said client’s account at the end of each month.
Don’t think for a moment that OVEX is only focused on “fancy” investors trading favored volumes at the expense of newer, less experienced or low volume investors. Quite the contrary. Because of that same liquidity, OVEX managed to break all the “rules” and develop a simple Request for Quote (RFQ) tool that makes buying and selling cryptocurrency literally as easy as typing in the amount. of cryptocurrency you want to buy/sell, then immediately completed said transaction, as opposed to the often tedious and confusing means of buying and selling via an open order book.
“We are very pleased with the growth of OVEX since we started this business,” said Ovadia. “We think very hard about how cryptocurrency can change the world for the better, and so we make sure to offer services at all levels that investors of all means can use.”
One thing is certain, however: OVEX is committed to opening up institutional access to cryptocurrency in Africa, accelerating the advent of this new asset class that is propelling the continent’s financial ecosystem to new heights.
OVEX does not provide business, market, investment or financial advice in connection with the Services, through any channel or means, including the Help Desk and Over-the-Counter (OTC) Service. You use OVEX’s services strictly on an execution basis, each time instructing OVEX to execute your transactions.
OVEX is a legal representative of OVEX FSP (Pty) Ltd, FSP number 50776. OVEX provides limited financial services on behalf of OVEX FSP (Pty) Ltd.
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