Sweden’s Cryex Plans Institutional FX and Digital Currency Marketplace

Stockholm-based Cryex, which aims to act as a gateway between regulated financial markets and the developing digital economy, has applied to the Swedish Finansinspektionen (SFSA) to become a regulated clearing organisation and create a member-only marketplace with clearing and settlement for foreign exchange (FX) and digital currencies.

Supporting its application, Cryex says that it “is managed by a highly experienced team of banking and exchange executives with a record across FX and capital markets, technology, regulatory, risk and security management.”

It adds that its aim is for regulated market participants to trade a suite of spot and eventually derivative products in a highly secure and regulated environment.

“Cryex has a unique model to clearing and settlement and has all the necessary components in place; financial-grade architecture and technology partners, a seasoned team and a number of high profile strategic investors from the financial sector,” said Simon Nathanson, chairman of Cryex Clearing AB.

Cryex has secured US$10m in funding from key venture capital firms White Star Capital, Northzone and several financial industry leaders.

“We are delighted to be involved in delivering a truly innovative solution where blockchain technology meets tier one exchange and clearing technology in a regulated environment, finally attracting financial institutions into the digital currencies ecosystem,” said Eric Martineau-Fortin, managing partner at White Star Capital.

Pär-Jörgen Pärson from Northzone added: “Cryex will transform crypto currencies from small, unconnected niche markets into a full monetary ecosystem and settlement network.”