Ovex operates a market-focused cryptocurrency exchange and OTC desk that provides prime brokerage services to institutions and high‑net‑worth individuals. The platform offers 26 cryptocurrencies, ZAR deposits, and plans to add multiple fiat options, and it runs services including an OTC desk, bitcoin arbitrage, and interest-bearing crypto accounts (up to 10% annually). Ovex reports approximately $300M in monthly trading volume and delivers execution, fast settlement, and insured custody. The company offers investment opportunities to retail and accredited investors and provides extended credit lines for high-volume clients. Founded in February 2017 and led by CEO Jonathan Ovadia, Ovex serves clients globally from its Cape Town base. The company intends to use new funding to expand into Dubai, Nairobi, Quebec, London, and Lagos when Nigeria’s central bank eases its cryptocurrency ban. Ovex launched its crypto platform in March and offers South Africans the ability to buy and sell more than 18 digital assets using Rands. The startup was founded last year by CPO Tom Masojada, CEO Jonathan Ovadia and CTO Nikhar Ramchunder. Ovex disclosed it secured a seed investment from Cayman Islands-based Invictus Capital that the company says was under R10-million. The company also said its valuation was in excess of R10-million. Invictus brings custodial experience with over $160-million in crypto assets, which Ovex describes as a strategic advantage, and Vinny Lingham’s Newtown Partners made an earlier undisclosed investment. Ovex said it is still negotiating with other parties, suggesting further fundraising or partnerships may follow. Ovex is a Cape Town–based cryptocurrency exchange founded last year by Tom Masojada (CPO), Jonathan Ovadia (CEO and product architect) and Nikhar Ramchunder (CTO). It launched its platform two weeks prior to the article and lets South Africans buy and sell more than 18 digital assets using rand. The product offers both an "advanced" trading interface and a simple one-click buy/sell option aimed at all types of crypto users. Ovex has rolled out an interest account promising up to 7% interest across over 18 cryptocurrencies, enabled by in-house market-making. The exchange uses AI and a partnership with Civic for fast KYC—users withdrawing more than R20,000 can verify identity in minutes—and has a TrueUSD/TrustToken partnership to let users buy TUSD at bank rates to avoid local premiums. The company also plans a podcast series featuring local and international industry figures to grow engagement and education in South Africa.

Total raised

$5M

Funding rounds

3

Latest round

Equity

Latest activity

Apr 2021