South Africa’s newest exchange VALR has achieved a significant milestone. The Johannesburg-based outfit announced the achievement on their Twitter account this morning, noting that the exchange traded over 500 Bitcoin in a rolling 24 hour period just before 09h00 am today, Wednesday 11 December.
Exactly 6 months ago, we launched #bitcoin–#rand trading.
Today we celebrate hitting 500 #BTC traded in the last 24 hrs, the highest trading volume for BTCZAR of any platform in SA and the world at the moment.
We’re humbled. We’re energized. We’re at your service.
— VALR (@VALRdotcom) December 11, 2019
VALR’s CEO, Farzam Ehsani, exclusively confirmed the achievement with Global Crypto: “We’re delighted that there has been such a positive response to VALR and that more and more customers are joining us everyday. We are committed to providing the best value and service in the market and are excited about helping to build a financial system that recognises the oneness of the human race.”
Ehsani confirmed the exact all-time high trading volume to be 500.11 BTC on the BTCZAR pair, of course the dominating trading pair on exchanges in South Africa. This figure put VALR ahead of market leaders Luno in that 24 hour rolling period at 08h58 this morning, and was only 0.27 BTC behind Luno’s 500.38 BTC volume recorded the day prior, Tuesday 10 December.
The former RMB Blockchain lead Ehsani stated that he believed it was VALR’s market-beating low fees that was attracting new users to the exchange: “We continue to provide the lowest fees and the widest selection of cryptocurrencies in the market. And we pride ourselves in serving every single customer as best as we can.”
Whether it be the API functionality, the unique fee structure, or the exchange’s quirky digital marketing approach, VALR have done exactly what they set out to do when they first launched: Make a serious impression. And that’s some impression they’ve made in only 1 year. VALR celebrated their one year anniversary on December 6th.
One thing that is fascinating is South Africa’s ferocious appetite for cryptoassets, with the market growing rapidly in 2019 as reports continue to confirm SA as one of the leading crypto trading countries in the world.