Problem: OVEX customers were relying on manual transfers to make a deposit into their crypto wallets. As a result, they had to wait for banks ...
Problem: OVEX customers were relying on manual transfers to make a deposit into their crypto wallets. As a result, they had to wait for banks to clear their funds, leading to significant latency – a major risk in the crypto space.
Stitch solution: OVEX integrated Stitch to enable their customers to make fast, secure deposits via Instant EFT with no lag time.
Result: Today, OVEX customers can make deposits instantly – and pay no extra fees – with confidence that their funds are secure.
OVEX is a cryptocurrency exchange that launched in South Africa in 2017, in an effort to solve some of the key shortcomings of today’s global banking system. Their mission is to “democratise finance, and in the process build a better future for money.” The team sees a significant opportunity for cryptocurrency to redefine money movement on the continent and firmly believes that we shouldn’t have to trust anyone with our funds, other than ourselves.
“Cryptocurrency is censorship-resistant, transparent, immutable and controlled by the people. In this way, cryptocurrency empowers individuals to take real ownership of their wealth and achieve true financial freedom,” said Nick Bergonzoli, Head of Marketing at OVEX.
Globally, many in emerging markets are already turning to cryptocurrency to solve dire challenges caused by rising inflation and barriers to general money movement. Use of crypto platforms has become commonplace in markets like Venezuela, where inflation sits at 2000%. There, citizens increasingly use crypto to send remittances and protect wages, and businesses to manage cash flow. The opportunity is also growing across Africa, where illiquid currencies similarly face high inflation rates and dollar hegemony. The World Economic Forum reports the crypto market in Africa grew by $105.6 billion in 2021, and it continues to gain traction.
Today, there are a number of firms working to build a truly decentralised financial system in South Africa – and they’re gaining traction. Many are reaching AUMs that exceed billions of dollars, giving way to an entirely new economy. “Institutions are beginning to realise that they can no longer ignore the power of blockchain technology. Today, crypto’s biggest plays are coming from such institutions,” Bergonzoli said. “From Goldman Sachs to Tesla, a plethora of firms are seeking access. That’s where OVEX comes in. As a crypto prime broker, we are able to offer a bespoke and personalised trading service for high-volume investors.”
OVEX can execute large crypto orders at a single price, and they offer large credit lines so clients can lock in trades before settling their accounts. In the true crypto spirit, they also now offer their trading service to low-volume retail investors via an instant buy/sell trading tool, where individuals can trade over 60 different pairs.
Previously, OVEX users looking to make a deposit had to perform a manual EFT and wait for banks to clear their funds before they hit their account. This latency poses a significant challenge in crypto trading, as markets can move rapidly.
With Stitch, however, their clients can securely link an account to the OVEX platform and make one-click deposits via Instant EFT – removing the gap in settlement times and making it easier than ever to add funds. This payment option is offered at no extra cost to the user.
As well, OVEX users can be confident that their funds, and their data, are safe. At Stitch we take security seriously – we encrypt all user data using RSA-OAEP 2048 and store it inside Microsoft Azure Keyvault. We never share credentials with anyone, and all payments and data sharing must be authorised by users.
“Stitch brought the power of instantaneous and frictionless deposits to OVEX. Our users can now make deposits at lightning speed, and bank on every second.”
Lead Developer Chad Piha added: “The Stitch integration has made funding accounts completely secure, seamless, and instant, allowing our users to have frictionless and immediate access to the world of cryptocurrency. In this space, timing is everything. With Stitch Instant EFTs, OVEX can bring the element of speed to our users without compromising on the safety of their funds. It also does not cost our users a single cent. It’s a game-changer.”
Today, the team has created an avenue for high-volume traders to trade with peace of mind. They’ve recently launched their African expansion, and as of 15th April, are fully operational in Botswana, Cameroon, DRC, Ghana, Kenya, Nigeria, Senegal, Tanzania and Zambia – in addition to South Africa.
According to the team, we should all consider investing in crypto as “cryptocurrency is redefining finance as we know it – for the better.”