Cash & Liquidity ManagementPaymentsCRYEX to Establish European Cryptocurrency Exchange

CRYEX to Establish European Cryptocurrency Exchange

CRYEX, a new start-up in digital currency, has filed an application with the Swedish Financial Supervisory Authority (Finansinspektionen) to become one of the world’s first regulated clearing organizations. The company then intends to create a members-only European marketplace for trading FX, including digital currencies like bitcoin and other cryptocurrencies. Cinnober had announced this partnership earlier but without names and details.

CRYEX intends to 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 multipurpose 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. “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.”

 

Further reading: An investment guide to cryptocurrencies

Related Articles

How digital networks can cut through 'corporate cholesterol'

Payments How digital networks can cut through 'corporate cholesterol'

4d Julie Gerdeman
Worldpay and Mastercard to team up for payments platform

Payments Worldpay and Mastercard to team up for payments platform

5d GTNews
GIMAC and Terrapay announce real-time payments for Central Africa

Electronic/Mobile GIMAC and Terrapay announce real-time payments for Central Africa

1w GTNews
Why staff credit cards can bolster expense fraud defences

Payment Cards Why staff credit cards can bolster expense fraud defences

2w Guest Writer
Gresham acquires payments specialist B2 Group

Payments Gresham acquires payments specialist B2 Group

3w GTNews
Case study: BNP Paribas’ experience of MyStandards Readiness Portal - streamlining implementation projects worldwide

SWIFT Case study: BNP Paribas’ experience of MyStandards Readiness Portal - streamlining implementation projects worldwide

2m SWIFT
Commercial cards on the rise: BOAML

Payments Commercial cards on the rise: BOAML

2m Victoria Beckett
US County tax collector to accept bitcoin payments

Payments US County tax collector to accept bitcoin payments

2m Laura Noble