TechCentralTechCentral
    Facebook Twitter YouTube LinkedIn
    Facebook Twitter LinkedIn YouTube
    TechCentralTechCentral
    NEWSLETTER
    • News

      A new normal is dividing the global chip industry

      17 August 2022

      MTN hires outgoing Icasa CEO Willington Ngwepe into top role

      16 August 2022

      Rain in embarrassing climbdown over Telkom statement

      16 August 2022

      Jo’burg to issue RFP for 500MW of electricity ‘within weeks’

      16 August 2022

      Load shedding returns, and may last until Thursday

      16 August 2022
    • World

      Chip makers are flashing a big warning for the global economy

      17 August 2022

      Semiconductor boom turns to bust

      16 August 2022

      Tencent plans to offload R400-billion Meituan stake: sources

      16 August 2022

      Ether leaps higher on verge of Merge

      16 August 2022

      Institutions eye crypto but retail investors remain nervous

      15 August 2022
    • In-depth

      African unicorn Flutterwave battles fires on multiple fronts

      11 August 2022

      The length of Earth’s days has been increasing – and no one knows why

      7 August 2022

      As Facebook fades, the Mad Men of advertising stage a comeback

      2 August 2022

      Crypto breaks the rules. That’s the point

      27 July 2022

      E-mail scams are getting chillingly personal

      17 July 2022
    • Podcasts

      Qush on infosec: why prevention is always better than cure

      11 August 2022

      e4’s Adri Führi on encouraging more women into tech careers

      10 August 2022

      How South Africa can woo more women into tech

      4 August 2022

      Book and check-in via WhatsApp? FlySafair is on it

      28 July 2022

      Interview: Why Dell’s next-gen PowerEdge servers change the game

      28 July 2022
    • Opinion

      No reason South Africa should have a shortage of electricity: Ramaphosa

      11 July 2022

      Ntshavheni’s bias against the private sector

      8 July 2022

      South Africa can no longer rely on Eskom alone

      4 July 2022

      Has South Africa’s advertising industry lost its way?

      21 June 2022

      Rob Lith: What Icasa’s spectrum auction means for SA companies

      13 June 2022
    • Company Hubs
      • 1-grid
      • Africa Data Centres
      • Altron Document Solutions
      • Amplitude
      • Atvance Intellect
      • Axiz
      • BOATech
      • CallMiner
      • Digital Generation
      • E4
      • ESET
      • Euphoria Telecom
      • IBM
      • Kyocera Document Solutions
      • Microsoft
      • Nutanix
      • One Trust
      • Pinnacle
      • Skybox Security
      • SkyWire
      • Tarsus on Demand
      • Videri Digital
      • Zendesk
    • Sections
      • Banking
      • Broadcasting and Media
      • Cloud computing
      • Consumer electronics
      • Cryptocurrencies
      • Education and skills
      • Energy
      • Fintech
      • Information security
      • Internet and connectivity
      • Internet of Things
      • Investment
      • IT services
      • Motoring and transport
      • Public sector
      • Science
      • Social media
      • Talent and leadership
      • Telecoms
    • Advertise
    TechCentralTechCentral
    Home»Promoted Content»What’s different about cryptocurrency trading in South Africa?

    What’s different about cryptocurrency trading in South Africa?

    Promoted Content By Ovex2 December 2021
    Facebook Twitter LinkedIn WhatsApp Telegram Email

    South Africans do things differently, and that’s not a bad thing. And when it comes to cryptocurrency, local is definitely lekker.

    Crypto has boomed in South Africa in recent years. OVEX — Africa’s largest cryptocurrency exchange platform — is a testament to that, trading in excess of R4-billion/month. OVEX’s growth mirrors crypto’s growth in South Africa. The South African company was started in 2018 and just three years later is valued at US$122-million.

    This is attributable to both the fact that crypto is hot news and an even hotter investment in South Africa right now, and also to OVEX’s entirely unique approach to bringing cryptocurrency to all people of South Africa.

    The fact that the cryptocurrency market is booming in South Africa is abundantly clear

    The fact that the cryptocurrency market is booming in South Africa is abundantly clear: Between July 2020 and June 2021, the market grew by 1 200%, according to a report by Chainalysis. That translates to a stunning $105.6-billion. Daily crypto trading in South Africa was reported as being higher than $145-million in January 2021.

    One theory as to why cryptocurrency is so popular in Africa is due to the high number of bankless people on the continent. Unlike many Western nations, people in Africa are more accustomed to “mobile money”.

    The other reason is the general weakness in fiat currencies in Africa such as the Nigerian naira and now, the South African rand, which has weakened to R15.84/$. Cryptocurrency gives South Africans easier access to digital assets, which, although sometimes volatile, have far more clout than the rand.

    Stablecoins

    But not all cryptocurrencies are volatile. Whereas bitcoin is renowned for its instability, an entirely new class of cryptocurrencies has hit the market called stablecoins. Stablecoins are cryptocurrencies that are backed by some other, more stable asset, such as silver or, quite commonly, the US dollar.

    TrueUSD (TUSD) is one such stablecoin, with a current market cap of over $1.2-billion, all of it backed 100% by hard cash in dollars. The price of TUSD fluctuates only when the dollar fluctuates, making it a stable investment.

    The benefit to South Africans is that getting their hands on US dollars might be a little complicated, requiring red tape and complications by going through traditional banks. But buying TUSD is as simple as typing in how much rand someone is willing to exchange into OVEX’s RFQ (Request for Quote) tool, and then knowing however much TUSD you can get for that rand. You can then click “buy now” and, voila, you own cryptocurrency.

    We wanted to open up cryptocurrency trading to everyone in South Africa

    For more experienced investors, OVEX offers a white-glove, over-the-counter (OTC) cryptocurrency service where trades are conducted off the open books, and spreads are extremely tight.

    “We wanted to open up cryptocurrency trading to everyone in South Africa,” said OVEX CEO Jonathan Ovadia. And OVEX did precisely that, going so far as to create an extremely high interest-earning savings account, OTC desk and Buy & Sell feature — tools that even the most amateur investor can understand.

    Cryptocurrency is indeed booming in South Africa, and the OVEX is part of the reason why.

    Learn more about how you can trade cryptocurrency easily through OVEX

    • This promoted content was paid for by the party concerned
    Jonathan Ovadia Ovex
    Share. Facebook Twitter LinkedIn WhatsApp Telegram Email
    Previous ArticleMeet the team taking CipherWave to new heights
    Next Article Bill Gates invests in nuclear fusion start-up

    Related Posts

    HPE SimpliVity: addressing SMBs’ data conundrums

    16 August 2022

    Digital transformation – don’t get caught unprepared

    16 August 2022

    Seven reasons your business needs IP surveillance cameras

    15 August 2022
    Add A Comment

    Comments are closed.

    Promoted

    HPE SimpliVity: addressing SMBs’ data conundrums

    16 August 2022

    Digital transformation – don’t get caught unprepared

    16 August 2022

    Seven reasons your business needs IP surveillance cameras

    15 August 2022
    Opinion

    No reason South Africa should have a shortage of electricity: Ramaphosa

    11 July 2022

    Ntshavheni’s bias against the private sector

    8 July 2022

    South Africa can no longer rely on Eskom alone

    4 July 2022

    Subscribe to Updates

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    © 2009 - 2022 NewsCentral Media

    Type above and press Enter to search. Press Esc to cancel.