OVEX launches 100m trading rewards pool for whales, closes its Automated Arbitrage Service

Johannesburg, 21 Jan 2022
Read time 2min 10sec

After three years of pioneering and establishing South Africa’s most coveted crypto-currency arbitrage service, Africa’s hottest fintech and digital asset trading platform has decided to close its crypto arbitrage product so as to devote its attention towards international expansion and flagship crypto trading product. The crypto-currency exchange is also doubling down on its popular Cryptocurrency Interest Accounts and exciting new fintech offerings, which include debit cards, payment solutions and stock/FX trading.

OVEX CEO Jon Ovadia says: “We’re ecstatic to bring our offering to new markets and for the exciting new products we’re launching this year,” he added. “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 accept new deposits for its arbitrage service up till 31 January 2022 and will conclude all final trades by 14 February 2022 for clients in the middle of the process.

OVEX Arbitrage users’ funds will remain in secure custody in the OVEX wallet and can be withdrawn at any point or used in other OVEX products, such as: the USD stablecoin interest accounts yielding over 12% for USDT.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.

OVEX has seen immense growth in its Over The Counter and retail trading service. The digital asset trading platform does an extraordinary ZAR5.5 billion in monthly volume, which OVEX will leverage to bring liquidity to Kenya, Zambia, Nigeria, the UK and the UAE – with further ambitions to service other offshore markets in 2022.

To reward clients and partners for their support, OVEX has launched a R100 million trading rewards programme for South Africa’s largest volume traders, such as high net-worth individuals, asset managers and brokers. The programme will be used to reward OVEX clients trading over R10 million per month with trading rebates, increased interest account yields and other exclusive benefits. Trade volume on OVEX today.

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

See also