VALR announced that it is launching an ether-rand trading pair on its exchange at 11:11 on 11 July 2019.
This will allow clients to buy and sell ether, the native cryptocurrency of the Ethereum blockchain, with South African rand. VALR said that its customers may already start funding their accounts with ether and rand in preparation for the launch.
The introduction of the new trading pair comes after VALR launched rand trading for bitcoin on its platform last month — at 11:11 on 11 June.
Headed by the former blockchain project lead at Rand Merchant Bank, Farzam Ehsani, VALR is a digital asset trading platform based in Johannesburg.
Ehsani said that over R170 million in bitcoin trades has flowed through their platform in the last three weeks.
“We were delighted by the market’s response to our bitcoin-rand trading launch, and in just three weeks VALR now represents about 5% of South Africa’s 24 hour trading volume,” said Ehsani.
Lowest fee in the market
For the launch of bitcoin-rand trading, VALR paid market makers 0.1% of their total trade value in exchange for providing liquidity to the platform.
Market takers are charged 0.2%, which Ehsani said is the lowest fee in the market.
This same “negative fee” structure for market makers will be implemented for VALR’s ether-rand trading pair. The same percentages will also apply.
VALR is backed by former FNB CEO Michael Jordaan and US-based Bittrex, one of the largest cryptocurrency exchanges in the world. It raised R20 million after its first round of funding in July 2018.
Bittrex, in addition to being an investor, is also a platform partner for VALR.
VALR lays claim to offering the largest selection of cryptocurrencies by any platform in South Africa, and Ehsani said they plan to launch more cryptocurrency-rand trading pairs in the near future.
Ehsani previously told MyBroadband that VALR will launch a trading pair for Ripple and rand, but only after the launch of rand trading for bitcoin.
“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,” Ehsani said.