Tech in Africa
South Africa based ChainEX, introduces new buy and sell features for traders on its crypto platform. The startup operates from Jeffrey’s Bay near Port Elizabeth.
ChainEx is the only digital asset exchange within South Africa allowing users to trade over 40 digital assets while using the national currency (Rand) as default fiat currency. In rounds held in 2017 and 2018, the company managed to raise $1.3m.
The new feature on their platform enables instant executions. Once prices are matched, traders have the opportunity to perform faster trades.
The startup intends to pioneer the industry with game-changing innovations. New moves involve a zero-percent maker fee, ticket-based support, a knowledge base, a dedicated ticket-based system, referral programs, and BTCV markets. Traders will start with ZAR then diversify to other cryptocurrencies.
According to Ventureburn, ChainEx exceeds a thousand users whose majority are in South Africa. The startup has begun collecting revenues but is yet to register profitability.
ChainEx began in 2017 and was founded by Otto Lessing who is the CEO, Ryno Mathee, and Martin de Bruin. Mathee has a solid background in entrepreneurship in software development while Lessing is a lawyer having worked in several previous ventures.
