Ovex, a crypto-currency trading company known for developing FTX, announced a strategic investment from Alameda Analysis, the South African Crypto-exchange. The exact amount raised was not disclosed by Ovex.
Founded in 2017 and launched in 2018, Ovex has established itself as an over-the-counter (OTC) trading platform and is one of the fastest growing exchanges on the planet. It took 14 months for a matching engine capable of handling over a million trades-per-second to perfect their platform.
As a possible asset class of the future, a lot of focus has turned to digital currencies. The rapid growth of bitcoin has only worsened the situation, leading it to be compared to gold by many reviewers.
Ovex previously raised funds in March 2019 from Invictus Capital. The first was from Newtown Partners, and the second was from Alameda Analysis, which handles digital assets worth $100 million and trades between $600 million and $1.5 billion every day, distributed across thousands of products.
Ovex has a monthly trading volume of $270 million. The crypto-exchange will provide institutions and other high net worth individuals across Africa with prime brokerage services.