OVEX, one of the leading cryptocurrency exchanges in South Africa, has partnered with the leading African peer to peer platform, Paxful, to introduce OVEX’s ‘Direct Transfer to Bank’ mechanism, allowing users to instantly convert their bitcoin into fiat at the spot market price.
With Direct Transfer to Bank, users can deposit their BTC before agreeing on a locked-in conversion rate. The BTC is then converted into fiat and wired instantly upon request.
By providing the ability to easily convert crypto assets back to fiat, people on the continent will become more confident to purchase cryptocurrencies.
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Speaking about this, OVEX said:
“In areas where an increasingly tech-savvy population has little trust for authorities and is wary of volatile national currencies, a legitimate and stable crypto alternative to fiat works as a safe haven asset in a region where price uncertainty is rife.”
– OVEX
In an exclusive interview with BitKE, Jon Ovadia, CEO, OVEX, said the company is looking to offer both off and on-ramp where Paxful clients will be able to get as much crypto liquidity as they can get and trade on the platform seamlessly.
Under the partnership, customers will enjoy the following benefits:
- Instant withdrawal will provide comfort for Africa’s growing digital currency community who want to feel their crypto assets are liquid.
- With OVEX’s easy-to-use features, customers who’d like to cash out can agree on a locked-in conversion rate and receive a wire instantly upon request
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NB: Look out for the full exclusive interview with OVEX CEO dropping soon
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RECOMMENDED READING: You Should Declare If You were in Any Way Paid in Crypto, Says South Africa Revenue Service (SARS)
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