A new start-up in digital currency, CRYEX, has filed an application with the Swedish Financial Supervisory Authority (Finansinspektionen) to become one of the world’s first regulated crypto currency clearing organisations.
CRYEX intends to create a members-only European marketplace for trading FX, including digital currencies like bitcoin and other crypto currencies.
CRYEX will provide a gateway between traditional regulated financial industry players and digital currencies. The new trading and clearing platform will enable regulated market participants to trade a full suite of spot products − even derivative products − in a highly secure and regulated environment.
CRYEX has chosen Cinnober to provide turnkey solutions covering the marketplace’s full transaction cycle. This will include technology for trading, real-time clearing and surveillance. The multi-purpose platform will be supplied as a managed service, enabling CRYEX to fully focus on developing and operating its business.
The move on the part of CRYEX is intended to attract established financial institutions into the digital currency ecosystem, by providing a regulated environment where blockchain technology meets tier one technology. This new market also has the ambition to gather small, unconnected cryptocurrency markets into a full monetary and settlement ecosystem.
“This exciting project is a perfect match, as Cinnober’s widely deployed technology complements our business concept in an outstanding way,” says Simon Nathanson, Chairman of Cryex Clearing AB and one of Sweden's most experienced exchange executives. “Combined with the solid technology investors we have behind us, this enables us to further integrate blockchain technology, which underpins cryptocurrencies, with the global banking system.”
“Cryptocurrency trading is steadily increasing so this new enterprise comes at just the right time,” comments Veronica Augustsson, Cinnober’s CEO. “We’re happy to confirm additional details of this exciting project, as cryptocurrencies and blockchain methods, combined with established exchange and clearing technology, are of wide interest to the entire industry. I am personally convinced that blockchain technology is a game-changer for the traditional financial industry, and look forward with a great deal of enthusiasm to continued developments with this project.”