Ovex
OVEX is a Cape Town-headquartered digital asset platform operating as a market maker, OTC dealer, prime broker, and cross-border payments provider serving institutional clients, financial intermediaries, and retail traders across 26+ jurisdictions, primarily in Africa, processing $450M+ monthly volume across 150+ digital assets.
- Company typePrivate
- Founded2018
- HeadquartersCape Town, South Africa
- Headcount11–50
- GTM typeB2B and B2C
- OfferingServices
What Ovex does
OVEX is a full-stack digital asset platform operating simultaneously as a market maker, OTC dealer, prime broker, and cross-border payments infrastructure provider. Founded in 2018 and headquartered in Cape Town, South Africa, the company serves institutional clients, financial intermediaries, and retail traders across 26+ jurisdictions with a primary focus on African markets. The platform processes over $450M in monthly trading volume across 150+ digital assets and supports 16+ fiat currencies including major African currencies (ZAR, NGN, KES, GHS, TZS, UGX, XOF) and global currencies (EUR, GBP, AED). OVEX operates through three regulated legal entities — Ovex (Pty) Ltd in South Africa, Chameleon Capital Ltd in Canada, and Ovex EU (SAS) in France — and maintains licensing across FSCA, FCA, AMF, VARA, NCR, and SARB.
The company's core technology stack includes a proprietary market-making pricing engine that enables OVEX to act as principal counterparty in every trade, supporting price-lock execution with zero slippage on any order size. Infrastructure components include OTC trading desk technology with 24/7 WhatsApp/Telegram access, Fireblocks-integrated MPC cold storage custody, multi-currency payment rails across 16+ fiat on/off ramps, and a public RESTful API for programmatic access. The product portfolio spans the OTC Desk (institutional clients, $20K minimum block size), Instant Buy & Sell (retail self-service from $10), Broker Solution (prime brokerage with batch allocations and reconciliations), Interest Accounts (yield up to 10% standard / 20% for deposits over $6M), OVEX FX (forex service), OVEX Corporate Accounts, and the ZARP stablecoin (rand-pegged, backed by Old Mutual Wealth reserves). Notable partnerships include Finery Markets (exclusive African rails partner), Fireblocks (custody), Old Mutual Wealth (ZARP reserves), and Sumsub (KYC/compliance).
OVEX earns revenue through multiple streams: trading spreads as a market maker on every transaction, flat withdrawal fees (crypto and fiat), interest account yield differentials on stablecoin and crypto deposits, FX service fees (R0.05 per $1 plus R500 per SWIFT), and tiered OTC desk trading fees (zero fees for the highest-volume tier). The company has raised approximately $9M+ in disclosed funding from Alameda Research, Sanctor Capital, Invictus Capital, and Newtown Partners, and operates with a headcount of 11-50 employees. The go-to-market combines direct enterprise sales via dedicated OTC trading teams for institutional and high-volume clients, channel partnerships through broker and aggregator integrations, and self-service retail channels for individual traders.
Ovex firmographics
Firmographics- Name
- Ovex
- Legal name
- Ovex (Pty) Ltd
- Website
- https://ovex.io
- Company type
- Private
- Founded year
- 2018
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- OVEX is a Cape Town-headquartered digital asset platform operating as a market maker, OTC dealer, prime broker, and cross-border payments provider serving institutional clients, financial intermediaries, and retail traders across 26+ jurisdictions, primarily in Africa, processing $450M+ monthly volume across 150+ digital assets.
- Ownership category
- akta.pro rank
Ovex industry classification
Industry- Product category
- Cryptocurrency Exchange & Digital Asset Trading
- NAICS
- Securities and Commodity Contracts Intermediation and Brokerage (5231), Securities and Commodity Exchanges (523210), Commodity Contracts Intermediation (523160)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221)
- akta.pro primary industry
- Centralized Crypto Exchanges (CEX) (FSAPADAA)
- akta.pro secondary industries
- Crypto-Digital Asset Market Making (Spot & Derivatives) (FSACANAJ), OTC Spot Trading & Block Execution (FSADAJAB), On/Off-Ramp Providers (Fiat↔Crypto) & Cash-In/Cash-Out Networks (FSADAIAE), Crypto Payments & Stablecoin Settlement Platforms (BPAMAFAL), Staking & Earn Programs (Exchange-Operated) (FSADAAAH)
Keywords
Where Ovex is headquartered
LocationHeadquarters
- HQ city
- Cape Town
- HQ country
- South Africa
- HQ region
- Africa
Offices3 records
Markets served
Ovex business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Infrastructure, Operations, Marketing or Sales, Others
Revenue model
- Trading Spreads (Market Maker): OVEX operates as a market maker, earning a spread on every trade executed. The spread is variable and dependent on volume traded. Because OVEX is the only counterparty in every trade, they earn the difference between execution prices across aggregated buyers/sellers.
- Withdrawal Fees: Flat withdrawal fees for both crypto and fiat withdrawals. Fees vary by asset and are published on the OVEX fees page. A flat fee regardless of withdrawal amount (whether $100 or $100 million).
- Interest Account Yield: OVEX pays interest on deposited cryptocurrencies (stablecoins and other assets) held in Interest Accounts. Yields up to 10% annualized for standard deposits, up to 20% for deposits exceeding $6,000,000. OVEX uses these funds internally for operational liquidity and pays from their balance sheet.
- FX Service Fees: FX trades carry a pricing of 5 cents (R0.05 for every $1 bought/sold) plus R500 per payment for bank SWIFT transfers. Minimum trade size of R200,000.
- OTC Desk Trading: Tiered fee structure for OTC trading. High-volume traders may pay zero fees. Minimum block size of $20,000 for OTC desk access.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | FX Service - R200,000 minimum trade, 5 cents per $1 |
| Usage-based | Monthly | Interest Accounts - Up to 10% standard, up to 20% for large deposits |
| Transaction based/ take rate | Pay-as-you-go | OTC Desk - $20,000 minimum block size, tiered fees |
| Transaction based/ take rate | Pay-as-you-go | Retail Crypto Trading - Start from $10 |
| Other | Pay-as-you-go | Verification-Based Limits - Level 3 max $3M daily withdrawal |
Go-to-market motion2 records
Distribution channels5 records
Marketing channels4 records
Ovex product offering
Product offeringCore offering
OVEX operates as a market maker, OTC dealer, prime broker, and cross-border payments infrastructure provider for digital assets. The platform enables clients to buy, sell, and trade 150+ cryptocurrencies and 60+ currency pairs via self-serve tools, an institutional OTC desk, and prime brokerage infrastructure, with 16+ fiat on/off ramps spanning African and global currencies. It processes over $450M in monthly trading volume across 26+ jurisdictions under multi-jurisdictional regulatory licenses.
Product overview
OVEX is a full-stack digital asset platform operating simultaneously as a market maker, OTC dealer, prime broker, and payments infrastructure provider. The platform combines four core capabilities: Cross-Border Payments & Remittance (regulatory rails for crypto-to-fiat movement across Africa), the OTC Desk (high-volume bespoke trading with zero slippage), Instant Buy & Sell (self-service RFQ tool for automated execution), and the Broker Solution (prime brokerage infrastructure for managing client portfolios). Additional offerings include Interest Accounts (yield on idle crypto), OVEX FX (forex trading), and support for ZARP (South African Rand stablecoin). The platform processes over $450M monthly across 26+ jurisdictions.
Differentiator
Problem solved
Functional benefit
Products and services
- OVEX OTC Desk Africa's deepest digital asset and traditional FX over-the-counter trading venue designed for high-volume players. Provides bespoke one-on-one trading with expert traders, immediate execution, zero slippage, and deep asset support off public order books. OVEX acts as principal counterparty. Minimum block size $20,000.
- OVEX Instant Buy & Sell Self-service cryptocurrency conversion tool that removes the friction of traditional order books. Clients can lock in a price and execute in a single click, or integrate via API for fully automated, real-time pricing and execution. Minimum purchase $10.
- OVEX Interest Accounts Interest-bearing crypto accounts enabling users to earn yield on otherwise idle cryptocurrency holdings. Supports stablecoins and various digital assets with annualised interest paid out daily, up to 10% standard APR and up to 20% for deposits exceeding $6M.
- OVEX FX Service Full service Forex solution that bridges traditional finance and cryptocurrency. Enables trading of all major currency pairs with immediate execution and tight spreads, with minimum trade size of R200,000. Priced at R0.05 per $1 plus R500 SWIFT transfer fees.
- OVEX Broker Solution Comprehensive prime brokerage infrastructure for brokers and aggregators. Enables firms to manage entire client portfolios from a single venue with batch allocations, bulk settlements, reconciliations, profit distribution, and a dedicated broker dashboard. API access for automation.
- Cross-Border Payments & Remittance Regulated rails for seamless crypto-to-fiat and fiat-to-crypto movement across African and global markets. Leverages stablecoin rails and multi-currency on/off ramps spanning 16+ fiat currencies for cross-border value transfer and remittance use cases.
- OVEX Corporate Accounts Corporate trading accounts for clients trading for business purposes or on behalf of a business entity. Includes personalised deposit/withdrawal limits, access to OTC Desk, margin trading, post-trade settlement, and higher API limits.
- OVEX Personal Accounts Individual trading accounts for personal cryptocurrency trading through user's own bank account, with full access to OVEX exchange features upon verification.
- ZARP Stablecoin South African Rand-pegged stablecoin operating on Ethereum, Fantom, and Polygon blockchains, fully collateralised by physical ZAR held in reserves by Old Mutual Wealth. Every token is backed by an equivalent amount of ZAR with 1:1 redemption.
Quantifiable outcome
- $450M+ monthly trading volume processed
- +4 more outcomes
Companies that use Ovex
Customer profileNamed customers7 records
Segments4 records
Ideal customer profiles4 records
Ovex technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration2 records
Feature5 records
Ovex partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered core and minor.
- Finery MarketscoreStrategic partnership making OVEX the exclusive partner for African rails and dedicated access point to African markets within Finery Markets' global network. Enables institutional-grade liquidity provision for $450M monthly trading volume across 150+ digital assets in 26 African countries. OVEX provides deep liquidity across key African currency pairs including Ghanaian cedi, Kenyan shilling, Nigerian naira, and South African rand. Collaboration aims to accelerate institutional adoption of stablecoins (43% of Sub-Saharan Africa crypto volume).
- FireblockscorePartnership with Fireblocks, the world leader in digital asset hardware security, to provide institutional-grade security for client cryptocurrency storage. Fireblocks provides MPC (multi-party computation) security technology enabling OVEX to store all client cryptocurrencies in cold wallets rather than hot wallets. This strategic partnership ensures seamless buying, selling, storing, and earning crypto without compromising on security.
- Old Mutual WealthminorPartnership with Old Mutual Wealth for ZARP stablecoin reserves. ZARP is South Africa's leading stablecoin fully pegged to the South African Rand, with every token backed by an equivalent amount of physical ZAR held in reserves by Old Mutual Wealth. Independent audits ensure integrity of reserves and 1:1 redemption ratio.
Scale indicators8 records
Recent moves6 records
Expansion highlights7 records
Ovex competitors and assessment
Company assessmentDirect peers
- Quidax: Quidax is a Nigerian-licensed crypto exchange offering spot trading, OTC desk, and African fiat on/off ramps. Directly comparable to OVEX in product scope and target African markets.
- Luno: Luno is a leading centralized crypto exchange and OTC desk focused on Africa and other emerging markets. Directly competes with OVEX across South Africa, Nigeria, and other Sub-Saharan markets with retail and institutional offerings.
- Bitfinex: Bitfinex is a global CEX and OTC desk operator with deep liquidity and institutional focus. Comparable to OVEX's OTC desk and market-making operations, though serving a more global client base.
- Yellow Card: Yellow Card is a major African crypto exchange and payments platform operating across 20+ African countries. Directly comparable to OVEX in serving retail and institutional clients with on/off ramps and stablecoin trading in African currencies.
- VALR: VALR is a South African crypto exchange with OTC desk and ZAR pairs. Headquartered in Johannesburg, VALR is the most direct in-country competitor to OVEX in South African retail and institutional crypto trading.
Broad incumbents
- Kraken: Kraken is a large global CEX with OTC trading desk and staking/earn products. Comparable to OVEX's full-stack offering but at significantly greater scale and with broader geographic coverage.
- Binance: Binance is the largest global CEX with P2P, OTC, and African presence. Comparable to OVEX in product breadth but at vastly greater scale; competes for institutional and retail flow in African markets.
Emerging players
- Chipper Cash: Chipper Cash is an African payments platform with crypto trading features. Adjacent competitor in the cross-border payments and African remittance space where OVEX also operates.
- Bitnob: Bitnob is a Bitcoin-focused African payments and exchange platform. Comparable to OVEX's cross-border payments and remittance use cases but with narrower product focus and less OTC depth.
- FalconX: FalconX is an institutional crypto prime brokerage with OTC desk and credit services. Comparable to OVEX's broker solution and OTC desk offering for institutional clients, though serving primarily U.S. and global institutions.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
Ovex social profiles
Digital presenceOvex compliance and trust
Trust signalCompliance10 records
Ovex financial estimates
Financial estimateRevenue estimate
Valuation estimate
Ovex leadership team
Management profileNumber of profiles
Profiles4 records
Ovex subsidiaries and ownership
Company hierarchySubsidiaries3 records
Ovex funding detail
Funding detailFunding overview
Funding rounds3 records
Investors5 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Ovex M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Ovex
What does Ovex do?
OVEX operates as a market maker, OTC dealer, prime broker, and cross-border payments infrastructure provider for digital assets. The platform enables clients to buy, sell, and trade 150+ cryptocurrencies and 60+ currency pairs via self-serve tools, an institutional OTC desk, and prime brokerage infrastructure, with 16+ fiat on/off ramps spanning African and global currencies. It processes over $450M in monthly trading volume across 26+ jurisdictions under multi-jurisdictional regulatory licenses.
Is Ovex a public or private company?
Ovex is a private company. It is classified as venture growth investor backed and is currently operating.
When was Ovex founded?
Ovex was founded in 2018. It employs 11 to 50 people.
Where is Ovex based?
Ovex is headquartered in Cape Town, South Africa, in the Africa region.
How does Ovex make money?
Five revenue lines are on record. Trading Spreads (Market Maker) is the primary driver. The others are withdrawal Fees, interest Account Yield, FX Service Fees and OTC Desk Trading.
Who are Ovex's main competitors?
Direct peers on record are Quidax, Luno, Bitfinex, Yellow Card and VALR. Broad incumbents are Kraken and Binance. Emerging players are Chipper Cash, Bitnob and FalconX.
Does Ovex have an API?
Yes. OVEX Public API for developers to access exchange functionality. The API documentation is available at https://docs.ovex.io/. Brokers have access to a robust API that allows them to automate trading strategies and integrate their own trading systems or third-party trading platforms. Developer documentation is at docs.ovex.io.
What industry is Ovex in?
Ovex's product category is Cryptocurrency Exchange & Digital Asset Trading. Its primary akta.pro industry code is FSAPADAA, Centralized Crypto Exchanges (CEX), with a secondary code of FSACANAJ, Crypto-Digital Asset Market Making (Spot & Derivatives). Its NAICS code is 5231 and its SIC code is 6200.