After three years of pioneering and establishing South Africa's most coveted cryptocurrency arbitrage service, OVEX, Africa's renowned fintech and digital asset trading platform, has decided to close its crypto arbitrage product in order to focus on its core offering as a crypto trading desk and international expansion.
Following its success in popularizing this low-risk investing strategy, OVEX is now focusing on competing with TradFi (traditional finance) service providers by bridging the gap between TradFi and DeFi (decentralised finance). The cryptocurrency exchange also plans to expand its already popular Crypto Interest Accounts as well as its intriguing new fintech options, such as payment solutions, debit cards, and stock/FX trading.
“We're excited to introduce our service to new areas and for the exciting new items we're introducing this year,” said OVEX CEO Jon Ovadia.
“Even though we have chosen to discontinue our arbitrage service, it has been and continues to be an outstanding low-risk trading option.” We conducted comprehensive due research on a number of local arbitrage service providers to guarantee that our clients have a safe and secure alternative after the product is deactivated from the OVEX platform.
OVEX's arbitrage service will be decommissioned on January 31, 2022, and fresh deposits for crypto arbitrage will be accepted only before that date. On February 14, 2022, all arbitrage trades will come to an end.The pool of OVEX arbitrage users is kept safe in the OVEX wallet and may be withdrawn at any time or utilized in other OVEX products like USD stablecoin interest accounts (yielding over 12 percent for USDT). These money can also be exchanged for other crypto assets on the OVEX market.
Incredible expansion
OVEX's Over The Counter and retail trading services have witnessed tremendous development. The market handles a staggering R5.5 billion in monthly volume. Due to its rapid development, the fintech startup has expanded into overseas markets such as Kenya, Zambia, Nigeria, the United Kingdom, and the United Arab Emirates, with plans to expand into other offshore areas by 2022.
OVEX has announced a R100 million trading incentives program for its active, high-volume traders in South Africa in celebration of its loyal customers. Trading rebates, enhanced interest account yields, and other interesting incentives for high volume/frequency traders will be offered through the pool to OVEX clients trading over R10 million per month. High-net-worth people, asset managers, and brokers in need of an end-to-end crypto trading solution are among them.
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