A new cryptocurrency exchange called VALR has been launched in South Africa in a partnership with Bittrex. The information was released by Farzam Ehsani, former blockchain lead at Rand Merchant Bank (RMB).
The new platform will be offering customers a new trading experience for virtual currency assets. The decision was taken in a moment in which new platforms are expanding into the African market, including Binance.
In order to work, the platform uses artificial intelligence and machine learning to streamline the ID verification process. This allows new users to be verified in just a few minutes. In the future, the intention is to launch rand-to-crypto trading and more advanced crypto-to-crypto trading options.
Michael Jordaan, the former First National Bank CEO, commented about it:
“By partnering with Bittrex, VALR has access to all cryptocurrencies and digital tokens available on the Bittrex and Bittrex International platforms, enabling it to offer its customers one of the largest selections of digital assets.”
At the same time, the partnership provides international liquidity and globally competitive prices among other features such as leading security practices. The company wants to keep expanding the crypto industry in South Africa and other places as well.
South Africa has always been a very important player in the cryptocurrency space. The interest for Bitcoin and other assets has always been very high. According to Google Trends, South Africa is the country with the largest ‘interest’ in the world for Bitcoin.
South Africa’s central bank has also been involved in the cryptocurrency industry and market. It was able to perform a blockchain trial in order to improve financial transactions in the country. At the same time, local regulatory agencies have been working in order to provide a clear framework for companies to pay taxes and operate in the space.
Furthermore, Sygnia, a recognized financial company located in the country, announced the official launch of a virtual currency exchange. This shows that there is a lot of interest for virtual currencies in the country and there are platforms trying to offer the best services to its clients.