Farzam Ehsani, former blockchain lead at Rand Merchant Bank (RMB), has launched his new business initiative named VALR, reports Tech Central, on December 6, 2018. Based in South Africa, VALR is a digital asset trading platform which has been launched in partnership with crypto exchange trading platform Bittrex.
VALR to Offer One of the Largest Selections of Digital Assets
According to the report, VALR offers a simple buy and sell feature along with an efficient and transparent crypto assets trading platform for customers. The exchange’s website promises a number of features. The company claims to offer the largest pool of tradable cryptocurrencies in South Africa, provides the facility to exchange South African Rand for bitcoin and ether, and ensures quick KYC verification in less than five minutes.
The platform makes use of emerging technologies like machine learning and AI to simplify the process of customer ID verification. Further, it is also planning to launch advanced crypto-to-crypto trading options very soon.
Michael Jordaan, the former First National Bank CEO, congratulated VALR CEO Farzam Ehsani on Twitter for the successful launch of the trading platform in South Africa.
— Michael Jordaan (@MichaelJordaan) December 6, 2018
VALR’s partnership with Bittrex offers a considerable impetus to the former as it will give South African traders access to the latter’s robust blockchain-powered cryptocurrency trading solutions. Regarding the allegiance with Bittrex, Ehsani explained:
“We are delighted to bring South Africans the largest crypto-offering the country has ever seen in collaboration with Bittrex, one of the most advanced, secure and compliant platforms worldwide. Our partnership gives our customers direct access to international liquidity, globally competitive prices and leading security practices. We look forward to advancing the crypto industry in South Africa and beyond.”
Africa Steadily Embracing Crypto
Appetite for cryptocurrencies has been on a steady rise in Africa in recent times.
In September 2018, it was reported that blockchain-based digital foreign exchange and payment platform BitPesa and Japan’s SBI Remit are using the Bitcoin blockchain to send money to almost a million customers in Africa with a minimal capital loss in the transfer.
BTCManager reported on July 1, 2018, how Changpeng “CZ” Zhao led the cryptocurrency exchange behemoth Binance to launch the first ever crypto-fiat trading platform in Uganda. The popularity of blockchain technology was further solidified when in September 2018, South Africa’s Reserve Bank won the fintech award for its DLT project Khokha.