Former Credit Suisse Executive Launches Crypto Trading Platform for Financial Institutions
A new Zurich-based startup Rulematch is creating a customized crypto trading experience for banks and securities firms. The trading venue is launched by a former Credit Suisse executive David Riegelnig.
Rulematch has commenced Bitcoin (BTC) and Ether (ETH) spot trading against USD to clients in most of the European Union, the United Kingdom, and Singapore, a Bloomberg report noted.
The cutting-edge crypto company focuses on traditional financial powerhouses, operating solely as a trading platform. This feature sets the startup apart from other exchanges that typically offer a mix of services such as custody of assets.
Riegelnig left the now-collapsed Credit Suisse bank in 2015, after serving as the head of operational risk in private banking. He noted that Rulematch does a “vibrant scene” in Europe, the UK and certain Asian countries where few financial institutions have ventured into the crypto market.
“That’s a group which is sometimes overlooked,” he noted.
Rulematch has raised $14 million from key investors including ConsenSys Mesh, Flow Traders and FiveT Fintech, the company executives said. It is also planning to run a fresh investment round soon.
The crypto trading startup currently serves seven banks and securities firms including German-based DLT Finance and Spanish multinational bank BBVA.
Rulematch uses Nasdaq-developed software for matching trades, monitoring risks and identifying any market abuse, a company release said.
At launch, Flow Traders and Bankhaus Scheich Wertpapierspezialist will serve as Rulematch’s market makers. Participant institutions trade in an anonymous central-limit-order book with liquidity guaranteed by these market makers.
Flow Traders works with platforms that enable the institutionalization
Read more on cryptonews.com
