Alameda Research backs South African prime broker OVEX with $4 million

OVEX, a crypto-prime broker based in South Africa, has secured $4 million from Alameda Research. The news is reported by The Block.

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The strategic investment will be deployed to expand staff and pursue international expansion. OVEX identified the United Kingdom, the United Arab Emirates, Canada, Kenya and Nigeria as the most interesting regions to penetrate due to a “deficit of service offerings.”

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According to founder and chief executive Jonathan Ovadia, the firm is in the process of launching its own trading operations desk in Dubai. Other markets will be served by staff in South Africa.

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Ovadia founded OVEX in 2017. The prime broker’s clients are institutional clients and affluent private individuals.

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Earlier in February, Alameda Research led a financing round for Oxygen, a provider of prime-broker services in the DeFi sector.

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