OVEX launches R100m trading rewards pool for whales, exits arbitrage market

After three years of pioneering and establishing South Africa’s most coveted cryptocurrency arbitrage service, Africa’s renowned fintech and digital asset trading platform, OVEX, has decided to close its crypto arbitrage product in lieu of the decision to devote its attention towards international expansion and core offering as a crypto trading desk.

After popularising this low-risk investment strategy, OVEX is now focused on competing with TradFi (traditional finance) service companies as it bridges the gap between TradFi and DeFi (decentralised finance). The cryptocurrency exchange is also committed towards growing its already popular Crypto Interest Accounts and exciting new fintech offerings which include payment solutions, debit cards and stock/FX trading.

OVEX CEO Jon Ovadia said: “We’re ecstatic to bring our offering to new markets and for the exciting new products we’re launching this year.

We’re ecstatic to bring our offering to new markets and for the exciting new products we’re launching

“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. 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 be decommissioning its arbitrage service on 31 January 2022 and will only accept new deposits for the purpose of crypto arbitrage before this deadline. All arbitrage trades will terminate on 14 February 2022.

OVEX arbitrage users’ pool remains in secure custody in the OVEX wallet and can be withdrawn at any point or used in other OVEX products such as the USD stablecoin interest accounts (yielding over 12% for USDT). Alternatively, these funds can be traded for other crypto assets on the OVEX exchange.

Incredible growth

OVEX has seen incredible growth in its Over The Counter and retail trading services. The exchange processes a remarkable R5.5-billion in volume monthly. This growth has prompted the fintech start-up to enter international markets such as Kenya, Zambia, Nigeria, the UK and the United Arab Emirates with ambitions to open shop in other offshore markets in 2022.

In recognition of its valued South African users, OVEX has launched a R100-million trading rewards programme for its active, high-volume traders. The pool will be used to reward OVEX clients trading over R10-million/month with trading rebates, increased interest account yields and other exciting benefits for high volume/frequency traders. These include high net-worth individuals, asset managers and brokers in need of an A-Z crypto trading solution. Trade volume with peace of mind and create an account on OVEX today.

Be sure to consult the OVEX Automated Arbitrage Service Termination FAQ section on their portal for more information.