VALR, a South African crypto exchange has reported a 5-fold increase in crypto volumes in 2020 so far to become the largest crypto exchange in South Africa by trading volume over the last 6 months.
The one-year old exchange has already signed up over 80, 000 customers since inception having already signed up over 1, 000 customers in its first day of trading in June 2019.
Led by former Rand Merchant Bank blockchain team player, Farzam Ehsani, together with his former workmates, the exchange traded nearly 17, 000 bitcoins in September 2020 alone, the exchange offers customers the ability to buy and sell over 50 cryptocurrencies, the largest selection of any exchange in South Africa.
Below are some stats about the VALR crypto exchange:
- Started in June 2019
- Over 80, 000 customers so far
- 5x growth in crypto volumes in 2020 so far
- Backed by former FNB CEO Michael Jordaan and US-based Bittrex
- Customers can trade up to 50 cryptocurrencies, the largest in South Africa
- $300, 000 pay outs in referral discounts in September 2020
- Pays out 0.2% taker and 0.1% maker fees
According to Farzam, the reckless financial governance around the world, fears that traditional currencies will lose value, and inefficiencies in the current financial system is contributing to VALRs explosive growth.
“Crypto is as promising as our legacy financial system is defective. The fact that it still takes our current financial system days to send money from one person to another, even within the same country, is absurd.
Some 95% of money is now digital and digital transfers shouldn’t take this long. Imagine if emails took a few days to arrive at their destination – this shows the absurdity and archaic nature of our current financial system.”
~ Farzam Ehsani, CEO, VALR
Currently, the US Federal Reserve is digitally printing more than $1 million per second. According to Farzam, the current legacy banks will have to either embrace this new world of crypto or lose out.
The fact that banks have never offered their clients anything other than loans at interest, compared to the DeFi crypto world that offers a return for lending your crypto in uncollateralized funding – without the need for a trusted intermediary – and also offer a token as something else of value which can be traded, will swamp out traditional financial institutions.
“I think we are still very early in the development of the crypto asset class. The value of all bitcoin is still only a dot on the financial landscape of the world. To put it in context, if all the bitcoin had the same value of all the gold in the world, then each bitcoin would have to be valued at $575, 000, a 50-fold increase from its current level going by the current bitcoin markecap of $255 billion.
No South African with investments should be without some exposure to cryptos such as bitcoin.”
~ Farzam Ehsani, CEO, VALR
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