Financial technology company Cinnober has been selected to provide turnkey solutions for a new cryptocurrency exchange and clearinghouse.
CRYEX, a start-up specialising in digital currency, has filed an application with the Swedish Financial Supervisory Authority to become a regulated clearing organisation. It intends to create a members-only European marketplace for trading foreign exchange, including bitcoin and other cryptocurrencies.
The new platform is designed to provide a gateway between traditional regulated players in the financial industry and digital currencies. It will allow market participants to trade various spot products, including derivatives products, in a secure environment.
Cinnober will provide solutions covering the full transaction lifecycle including technology for trading, clearing and surveillance. This will be provided as a managed service, allowing CRYEX to focus on developing and operating its business.
“Cryptocurrency trading is steadily increasing so this new enterprise comes at just the right time,” said Cinnober CEO Veronica Augustsson.
“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.”
Simon Nathanson, chairman of CRYEX Clearing AB, said: “This exciting project is a perfect match, as Cinnober’s widely deployed technology complements our business concept in an outstanding way.”
He added: “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.”
