# Ovex Borrow Request **URL:** \ **Category:** Borrower Requests\ **Created:** [March 10, 2021, 8:49pm UTC](https://forum.truefi.io/t/ovex-borrow-request/403 "2021-03-10T20:49:14Z")\ **Posts on this page:** 15\ **Page:** 1
**Author:** ![Ovex](https://sea2.discourse-cdn.com/flex016/user_avatar/forum.truefi.io/ovex/32/135_2.png) [@Ovex](https://forum.truefi.io/u/Ovex)\ **Post date:** [March 10, 2021, 8:49pm UTC](https://forum.truefi.io/t/ovex-borrow-request/403/1 "2021-03-10T20:49:14Z")
Hi TrueFi Stakers We are [Ovex](https://www.ovex.io/), a South African cryptocurrency exchange. We are requesting a loan of 3 million TUSD for 30 days and we are willing to pay 15% p/a. **About us** Ovex specializes in OTC trading and arbitrage. We operate the largest OTC desk in South Africa, delivering prime brokerage services to institutions and high net-worth individuals across Africa amid rising demand for crypto access in the region. Ovex has partnered with several leading cryptocurrency companies and firms, including our investors [Invictus Capital](https://invictuscapital.com/en/) and [Alameda Research](https://www.alameda-research.com/)/[FTX](https://ftx.com/en). On average we have a daily trading volume of $15 million. We are a strong supporter of TUSD, minting more than $22 million in the last 30 days (we often mint well over that amount in a given month). We are happy to field questions on any of the social channels below: [Telegram](https://t.me/ovexio) [Twitter](https://twitter.com/OVEXIO) **Loan request and use of funds** The funds will be used for market making on the Ovex OTC desk. Trading strategies are risk-neutral, including pairs arbitrage between BTC/ZAR and USD/BTC (as the largest OTC desk in South Africa we have a unique advantage in this area), futures arbitrage and margin lending. ---
**Author:** ![Kia](https://avatars.discourse-cdn.com/v4/letter/k/6bbea6/32.png) [@Kia](https://forum.truefi.io/u/Kia)\ **Post date:** [March 10, 2021, 9:54pm UTC](https://forum.truefi.io/t/ovex-borrow-request/403/2 "2021-03-10T21:54:53Z")
This is not specific to Ovex, but at this point in time, loan utilization is 91% It would be risky to approve any loan for that matter. I just don’t want to vote no after ovex is onboarded on TrueFi app. Would love to hear from others! ---
**Author:** ![benjamincosman](https://avatars.discourse-cdn.com/v4/letter/b/f1d935/32.png) [@benjamincosman](https://forum.truefi.io/u/benjamincosman)\ **Post date:** [March 10, 2021, 10:38pm UTC](https://forum.truefi.io/t/ovex-borrow-request/403/3 "2021-03-10T22:38:04Z")
Given the recent demand at 16.5%, I don’t think any rate lower than that is competitive. And given the present over-utilization of the pool (we’re targeting 30% liquid so that people can exit easily, yet we are only 9% liquid), I don’t even want to approve 16.5’s anymore - I think 18% is where I’d be happy continuing to vote yes. Also going forward, $3m is a bit more than I’d like to approve for first-time borrowers on the platform (especially while overutilized). ---
**Author:** ![maaaa](https://sea2.discourse-cdn.com/flex016/user_avatar/forum.truefi.io/maaaa/32/141_2.png) [@maaaa](https://forum.truefi.io/u/maaaa)\ **Post date:** [March 14, 2021, 6:18am UTC](https://forum.truefi.io/t/ovex-borrow-request/403/4 "2021-03-14T06:18:59Z")
Agree with points above. ---
**Author:** ![Codeknight](https://sea2.discourse-cdn.com/flex016/user_avatar/forum.truefi.io/codeknight/32/343_2.png) [@Codeknight](https://forum.truefi.io/u/Codeknight)\ **Post date:** [March 14, 2021, 2:42pm UTC](https://forum.truefi.io/t/ovex-borrow-request/403/5 "2021-03-14T14:42:43Z")
Can you tell us how much Invictus and Alameda invested? If they have done vetting, that could be very helpful to us, ---
**Author:** ![Ovex](https://sea2.discourse-cdn.com/flex016/user_avatar/forum.truefi.io/ovex/32/135_2.png) [@Ovex](https://forum.truefi.io/u/Ovex)\ **Post date:** [March 17, 2021, 6:25pm UTC](https://forum.truefi.io/t/ovex-borrow-request/403/6 "2021-03-17T18:25:02Z")
This is a fair point. In light of this and the loan utilisation having moved down, we will reduce our initial loan request to 2 million to ensure liquidity in the pool remains at suitable levels. ---
**Author:** ![Ovex](https://sea2.discourse-cdn.com/flex016/user_avatar/forum.truefi.io/ovex/32/135_2.png) [@Ovex](https://forum.truefi.io/u/Ovex)\ **Post date:** [March 17, 2021, 6:32pm UTC](https://forum.truefi.io/t/ovex-borrow-request/403/7 "2021-03-17T18:32:58Z")
Agreed. We are going to reduce the loan request to 2 million - fortunately, the utilisation rate is now lower than it was previously. Also, it appears that rates are lower at present. Because of that, we believe 15% p/a is a good rate given current market conditions. ---
**Author:** ![Ovex](https://sea2.discourse-cdn.com/flex016/user_avatar/forum.truefi.io/ovex/32/135_2.png) [@Ovex](https://forum.truefi.io/u/Ovex)\ **Post date:** [March 17, 2021, 6:47pm UTC](https://forum.truefi.io/t/ovex-borrow-request/403/8 "2021-03-17T18:47:10Z")
Thank you for the great question. These figures are currently not public but we can say that Alameda invested at a valuation of over 55 million and since then our revenue has more than doubled. OVEX has done extensive business with TrustToken over the past 3 years, amounting to considerably more than the revised 2 million requested here - we are sure that the TrustToken team can attest to this. ---
**Author:** ![smoltalk](https://avatars.discourse-cdn.com/v4/letter/s/ee59a6/32.png) [@smoltalk](https://forum.truefi.io/u/smoltalk)\ **Post date:** [March 18, 2021, 1:13pm UTC](https://forum.truefi.io/t/ovex-borrow-request/403/9 "2021-03-18T13:13:37Z")
Folkvang, Poloneix & Subspace capital have recently made much more competitive offers for our funds. Clearly there is a demand for even 18%+. We have no problem meeting our target pool utilization. Given market conditions, 15% seems pretty low, especially with the multiple current offers on the table. I would respectfully vote no given current conditions. ---
**Author:** ![Ovex](https://sea2.discourse-cdn.com/flex016/user_avatar/forum.truefi.io/ovex/32/135_2.png) [@Ovex](https://forum.truefi.io/u/Ovex)\ **Post date:** [May 10, 2021, 2:36pm UTC](https://forum.truefi.io/t/ovex-borrow-request/403/10 "2021-05-10T14:36:51Z")
Given the overall response from the community, we are now amending our borrow request to 750 thousand TUSD for 30 days at 17% p/a. We hope that will be found as being more competitive. ---
**Author:** ![smoltalk](https://avatars.discourse-cdn.com/v4/letter/s/ee59a6/32.png) [@smoltalk](https://forum.truefi.io/u/smoltalk)\ **Post date:** [May 10, 2021, 8:47pm UTC](https://forum.truefi.io/t/ovex-borrow-request/403/11 "2021-05-10T20:47:07Z")
I would vote for approval ---
**Author:** ![ryan.rodenbaugh](https://sea2.discourse-cdn.com/flex016/user_avatar/forum.truefi.io/ryan.rodenbaugh/32/38_2.png) [@ryan.rodenbaugh](https://forum.truefi.io/u/ryan.rodenbaugh)\ **Post date:** [May 11, 2021, 2:20am UTC](https://forum.truefi.io/t/ovex-borrow-request/403/12 "2021-05-11T02:20:05Z")
Ovex borrow request: _Poll ([view on site](https://forum.truefi.io/t/ovex-borrow-request/403/12))_ ---
**Author:** ![Ovex](https://sea2.discourse-cdn.com/flex016/user_avatar/forum.truefi.io/ovex/32/135_2.png) [@Ovex](https://forum.truefi.io/u/Ovex)\ **Post date:** [June 3, 2021, 10:05pm UTC](https://forum.truefi.io/t/ovex-borrow-request/403/13 "2021-06-03T22:05:30Z")
Hi TrueFi Stakers Due to the minimum loan amount being 1 million TUSD, our loan amount was revised to that. This was a system issue and we worked together with the Trust Token team to get it resolved. ---
**Author:** ![AdL](https://sea2.discourse-cdn.com/flex016/user_avatar/forum.truefi.io/adl/32/8_2.png) [@AdL](https://forum.truefi.io/u/AdL)\ **Post date:** [June 3, 2021, 10:31pm UTC](https://forum.truefi.io/t/ovex-borrow-request/403/14 "2021-06-03T22:31:51Z")
Thanks team for working with us on this, we are glad to have you on board. AdL ---
**Author:** ![Raccoon](https://sea2.discourse-cdn.com/flex016/user_avatar/forum.truefi.io/raccoon/32/89_2.png) [@Raccoon](https://forum.truefi.io/u/Raccoon)\ **Post date:** [June 4, 2021, 2:38am UTC](https://forum.truefi.io/t/ovex-borrow-request/403/15 "2021-06-04T02:38:48Z")
I would vote for approval. Maybe you can try our USDC pool or other pools developing next time.