South African crypto parent broker OVEX received a $ 4 million investment from Alameda Research in a strategic funding round.
OVEX said that it plans to expand internationally with the new capital it has. OVEX has identified five markets for expansion: UK, UAE, Canada, Kenya and Nigeria.
OVEX CEO Jonathan Ovadia told The Block that these markets were “poorly serviced” while still having “substantial” cryptocurrency volumes.
Ovadia said that OVEX has set up a special trade desk specifically in Dubai. “The rest of the markets will probably be operated from within South Africa,” he said.
Ovadia said to this end, OVEX plans to increase its existing 15-person team to over 35 by July. OVEX specifically wants to recruit people to engineering and customer success teams.
Founded in 2017, OVEX primarily serves wealthy individuals and corporate clients. It also has some retail focused products such as crypto trading services and interest-bearing crypto accounts.