Farzam Ehsani, CEO and co-founder of VALR.
The new offer, which starts live trading promptly at 11:11am local South African time, allows customers to buy and sell Ether, the native crypto-currency of the Ethereum blockchain, directly with rands on VALR.
“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,” says CEO and co-founder Farzam Ehsani.
“Ethereum is the second most valuable crypto-currency in the world, and it brings us great pleasure to now offer Ether-rand trading to our growing customer base at the lowest fees in the market.”
Backed by US-based Bittrex and former First National Bank CEO and technology entrepreneur, Michael Jordaan, VALR began worldwide trading in March, and to drive adoption, it made trading in crypto free of charge during that month.
The platform currently has over 50 crypto-currencies, and facilitated over R170m worth of Bitcoin trades after the rand-Bitcoin trading launch.
Ehsani states: “We have invested a significant amount into making it easy for our customers to buy and sell crypto-currencies, while complying with international standards to keep our customers safe. Our automated sign-up process, one of the fastest in the world, is just one example of how we go the extra mile to serve our customers.”
According to VALR, its platform uses artificial intelligence and machine learning to streamline the ID verification process, allowing new customers to be verified within minutes. It also offers an advanced application programming interface that allows automated trading on the platform.
The local exchange also plans to launch more crypto-currency rand trading pairs in the near future.