VALR to launch Ethereum and Ripple trading for rand

Trading platform VALR will launch Ethereum and Ripple trading on its platform, with the tokens available for purchase in rand.

The new trading pairs will be available after the launch of VALR’s Bitcoin-rand trading pair, which launches on 11 June 2019.

“We want to make sure the BTC-ZAR launch is as smooth as possible and apply any learnings to the ETH-ZAR and XRP-ZAR launches,” said VALR CEO Farzam Ehsani.

Ehsani said he could therefore not give a firm launch date at this point.

Fee structure

For the launch of its Bitcoin-rand trading pair, VALR announced that it will offer the following fee structure:

  • Maker fee: –0.1%
  • Taker fee: 0.2%

“What this means is that market makers will get paid 0.1% of their trade value whenever a trade is completed,” Ehsani told MyBroadband.

Ehsani confirmed that VALR will offer the same fee structure for its ETH-ZAR and XRP-ZAR trading pairs when they launch.

Growth potential

While cryptocurrency trading remains a small fraction of the foreign exchange market, Ehsani said the pace of growth is phenomenal.

On 21 May, the value of all cryptocurrencies was over $249 billion and the 24-hour trading volume was over $80 billion.

“To give you a sense of the change we’re speaking of, the trading volume two years ago was about $1.2 billion in a 24-hour period,” said Ehsani.

He cautioned that volatility in cryptocurrencies will continue, however.

“This asset class remains in its infancy at the moment,” Ehsani said.

Now read: South Africa’s plan to monitor Bitcoin exchanges

Latest news

Partner Content

Show comments

Recommended

Share this article
VALR to launch Ethereum and Ripple trading for rand