As many as 15% of South Africans own some form of cryptocurrency, according to some estimates — that’s nearly nine million people! Many of these investors are not serious, merely “crypto curious”, and that’s why cryptocurrency exchanges like OVEX — the largest over the counter cryptocurrency exchange in Africa — are so popular. For a country that has so many people wanting to get their feet wet in cryptocurrency, crypto-trading services that are easy to understand and use need to be available.
“We designed OVEX so that cryptocurrency trading is accessible to both amateur and experienced investors,” said Jonathan Ovadia, CEO of OVEX. To this end, the enormous exchange, which is currently valued at a whopping US$122-million, has developed services that fit the gamut of all needs and types of investors, from small to large.
“Crypto curiosity” is often driven by the idea that crypto holds the pot of gold at the end of the rainbow. For some, it did. Many believe that the crypto surge hasn’t ended, and that bitcoin will continue to rise. Recently, one bitcoin topped the R1-million mark for the first time.
But few South Africans have R1-million to spare so they can hold a single bitcoin. And yet people continue to buy crypto.
The first thing to know is that it isn’t necessary to purchase single bitcoins. One can purchase fractions of bitcoin, and OVEX’s incredibly simple and easy-to-understand RFQ (Request for Quote) tool makes it possible for anyone in South Africa to do so. The tool was developed with the average person on the street in mind and yet is equally useful for high-value investors — although these might be more interested in OVEX’s white-glove, over-the-counter (OTC) service.
Spoilt for choice
What has helped the boom in South Africa is also that there are now so many other types of cryptocurrencies to invest in other than bitcoin — and OVEX offers all the major and many of the minor ones. Whereas the volatile currencies — bitcoin is the poster boy for this, but dogecoin also held that title once — are renowned for making millionaires out of paupers, new so-called stablecoins have opened the door wide to crypto trading for more risk-averse people.
Stablecoins are cryptocurrency coins whose value is pegged to some underlying, physical asset. Whereas the value of bitcoin is driven by market demand or news, stablecoin prices are driven by the value of the underlying asset. Some are backed by silver, others by gold, and many are backed by the US dollar.
And then there is the fact that, by leveraging new technology and features in the world of crypto, OVEX is able to offer extremely high interest-earning savings accounts that earn investors more interest than any of the traditional South African banks.
OVEX has been a part of driving the current crypto boom in South Africa by offering people multiple options to get into crypto, regardless of whether those people invest R100 or R1-million.
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