VALR has announced a new online platform that will give traders access to over 50 different cryptocurrencies. VALR, a private-held company founded in 2018, is in partnership with Bittrex, to provide a large selection of cryptocurrencies for crypto investors in South Africa. The company claims the platform will offer the most assets among all South African platforms.
VALR Partners Bittrex
“Our partnership with Bittrex is one of a kind in South Africa and gives us access to international liquidity, globally competitive prices, and leading security practices,” says co-founder and CEO of VALR, Farzam Ehsani, who’s the former blockchain lead at Rand Merchant Bank.
The CEO stated that the platform will be adopting cutting-edge technologies such as Artificial Intelligence (AI) and machine learning to speed up the know-your-customer process and securely validating the identity of their users.
The platform will begin by offering discounts to users through their referral programme. Also, it says before customers can get to use the platform now, they will have to invite a certain number of people and get bonuses while doing that. Users can earn up to R1500 says Ehsani. The people who accept the invitation of the referral would receive a bonus too – up to 10% discount on fees.
Bill Shihara, CEO of Bittrex, one of the biggest exchanges in the world, while commenting on the partnership said this is an opportunity for the Bittrex company to help drive the adoption of digital assets across the globe.
“Bittrex is committed to advancing blockchain technology around the world, and our partnership with VALR gives us the opportunity to help drive adoption of this technology in new markets,” he explained.
The CEO of VALR also spoke about rewarding traders who are market makers on the platform. Ehsani says: “We depend on market makers to increase liquidity on our bitcoin-rand and bitcoin-ether order books, and we think it’s only fair that they get incentivized and rewarded for providing this service.
The Growth of Crypto in Africa
In Africa, the crypto market is getting bigger. South Africa especially has a unique interest in bitcoin. They have ranked the highest for the search term “bitcoin” over the last 12 months, according to Google Trends.
The main bitcoin economies in Africa are located in Ghana, Kenya, Nigeria, and South Africa. This can determine by the local bitcoin trading volumes in these states.
Out of all these countries, the South African government have been one of the friendliest to cryptocurrency companies. South Africa’s central bank establishes a FinTech task force earlier this year. This will focus on addressing crypto regulatory issues.
Most of the other Africa countries have dismissed the crypto space. They have also warned their citizens against buying these assets rather than trying to regulate it. In April, the central bank also put in place a self-regulatory organization. Moreover, this was to oversee developments in the crypto space to prevent ‘systemic risk.’
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