Swedish based CRYEX whose mission is to bridge the gap between traditional regulated financial markets and the Blockchain economy announced recently that it has filed an application with the Swedish Financial Supervisory Authority (Finansinspektionen) to become one of the world’s first regulated clearing organizations. They then intend to create a members-only European marketplace for trading FX, including digital currencies like bitcoin and other crypto currencies.
CRYEX will provide a trusted 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.
Cinnober was chosen by CRYEX 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.”
Cinnober is an independent, world-leading supplier of financial technology to marketplaces and clearinghouses. The client list consists of major global players with extreme demands for reliability and performance, including names such as the Australian Securities Exchange, BM&FBOVESPA, Deutsche Börse, Dubai Gold & Commodities Exchange, Euronext, Johannesburg Stock Exchange, London Metal Exchange, LME Clear and Stock Exchange of Thailand.
To view the official release, click here.