Save the Date! 10/03 10:03 a.m. pic.twitter.com/cM770Uhci2
— VALR (@VALRdotcom) February 13, 2020
VALR, the popular Joburg-based cryptocurrency exchange, has announced it will be launching an XRP/ZAR trading pair.
In a tweet, the company tweeted:
“Save the Date! 10/03 10:03 a.m”
VALR co-founder, Badi Sudhakaran, later clarified the tweet saying:
By popular demand, we are introducing #XRP/#ZAR exchange trading pair on @VALRdotcom next month. If it’s anything like the launches we did in the past, you don’t want to miss it. Be there, signed in and ready, at 10:03 a.m. on 10 March. https://t.co/89G2dqSgJW
— Badi Sudhakaran (@BadiSudhakaran) February 13, 2020
So far, these are the South African exchanges offering an XRP/ZAR trading pair:
“With XRP being the third largest crypto by market cap, it made sense to give customers what they wanted. Even though the decision is based on extensive market research, the success of the pair will depend on customers bringing liquidity to the pair on our platform.”
Speaking about the upcoming pair, the CEO of Xago, the first dedicated XRP-only gateway and exchange in South Africa, Jurgen Kuhnel, said:
“We think that XRP is under traded in South Africa. It’s a big plus for us that an exchange like VALR would introduce this ZAR pair, because it will increase the arbitrage opportunities between the South African crypto exchanges.”
In order to build market enthusiasm for the upcoming pair, Farzam said the company will be having a giveaway:
“We will be giving tens of thousands of Rands worth of XRP to a select few lucky traders who trade this new product, so look out for official announcements on our social media and email newsletter soon.”
Speaking to BitcoinKE, Farzam said:
“We continue to monitor the market to assess what products and services our customers are asking for and what will best serve them. This is why we are very excited to announce VALR’s XRP-ZAR trading launch on 10 March (10/03) at 10:03 am.
We will enable XRP deposits soon (before the launch) and will announce the exact date on social media and via email to all customers.”
Despite the recent withdrawal of crypto banking services by FNB, one of South Africa’s largest banks, the new offering is yet another confirmation that the South African market has a significant appetite for cryptocurrency investing and trading, especially with South African Rands clearly being a preferred local market purchase option.
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