Digital Asset Exchange launched in SA

Johannesburg, 24 Apr 2018

A new digital asset exchange, ChainEX, has been launched on the World Wide Web.

"ChainEX is the only digital asset exchange that provides a platform for South Africans to buy, sell or trade up to 20 different digital assets, using the South African rand as the default fiat-buying currency for some."

Director Otto Lessing said ChainEX's mission is to provide a world-class platform to benefit all South Africans by providing them with easy access to global crypto-markets.

Recent statistics, he said, indicated SA topped the list of countries with the most Google searches for the crypto-currency Bitcoin. Slovenia is second, followed by Austria, the Netherlands and Australia.

Bitcoin is also the most searched term on Investopedia, the world's largest financial education Web site.

ChainEX is playing its part in meeting the world's ever-increasing appetite for crypto-currencies, said Lessing.

"The increased interest in crypto-currencies comes as no surprise, as more and more people are looking to get involved in this exciting opportunity."

After starting 2017 at a market cap of USD17.7 billion, according to CoinMarketCap, he said the value of the crypto-currency market surged by more than 1 200% during the course of the year.

However, he warned, the increased amount of interest also had a downside.

"Digital asset exchanges are increasingly struggling with the massive influx of users, which results in them experiencing frustrating delays when trying to access or transact on the platforms.

"ChainEX strives to alleviate this problem by providing a trading platform that is secure, user-friendly and reliable with a well-tested, highly scalable matching engine."

Plans include expanding its asset base by introducing more digital asset currencies to its trading platform, thereby providing South African users with a better experience and more exposure to the world of crypto-currencies.

"There is also a possibility to present a platform to South African-based companies where their newly launched ICO (initial coin offering) tokens can be traded on," said Lessing.

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Otto Lessing