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The Ovex cryptocurrency exchange does an extraordinary R5.5bn in volume monthly. Picture: SUPPLIED/OVEX
The Ovex cryptocurrency exchange does an extraordinary R5.5bn in volume monthly. Picture: SUPPLIED/OVEX

Ovex, the digital asset trading platform that pioneered crypto arbitrage in SA, has decided to exit this market to focus on its flagship crypto trading product and popular cryptocurrency interest accounts, as well as to accelerate its international expansion into Kenya, Zambia, Nigeria, the UK and the United Arab Emirates.

The company also announced that it has further ambitions to service other offshore markets this year. In addition, it will be developing new fintech offerings such as debit cards, payment solutions and stock and forex trading. 

“Even though we have decided to move away from the arbitrage service, it has been, and continues to be, an incredible opportunity for a low-risk trade,” says CEO Jon Ovadia. “We have done extensive due diligence on some local arbitrage service providers to ensure our clients have a safe and secure alternative once the product is decommissioned on the Ovex platform.” 

Ovex will decommission its crypto arbitrage service on January 31 and conclude all open trades by February 14.

The company says its arbitrage users’ funds will remain secure in the Ovex wallet and can be withdrawn at any point. Alternatively, these funds can be invested in other Ovex products such as its US dollar stablecoin interest accounts that yield more than 12% for Tether (USDT). They can also be traded for other crypto assets on the Ovex exchange, which does an extraordinary R5.5bn in volume monthly.

Ovex’s growth in its over-the-counter (OTC) and retail trading service has been impressive.

The company’s OTC desk is primarily aimed at servicing high-volume traders such as high net-worth individuals, asset managers and brokers. As such, it has launched a R100m trading rewards programme to reward SA clients trading more than R10m a month with trading rebates, increased interest account yields and other exclusive benefits.

For more information on the closure of Ovex’s arbitration service, see the FAQ section on the company’s website

This article was paid for by Ovex.