Ex-Credit score Suisse Government Launches Crypto Buying and selling Platform for Banks

• Former Credit score Suisse govt David Riegelnig launched a crypto buying and selling platform for banks and securities corporations. 
• The platform, referred to as Rulematch, has begun buying and selling in Bitcoin and Ethereum and already has seven purchasers in its portfolio. 
• Rulematch, in contrast to different crypto trade platforms, is a pure buying and selling platform that matches patrons’ and sellers’ pursuits.

David Riegelnig, a former Credit score Suisse AG non-public banking govt, has launched a cryptocurrency buying and selling platform geared toward banks and securities corporations, Bloomberg reported Thursday. The report acknowledged the transfer is a strategic effort to capitalize on the rising curiosity in digital belongings from conventional monetary establishments exterior the US. 

Certainly, Riegelnig, in 2015, departed Credit score Suisse to work on the Zurich-based startup Rulematch. Previous to this exit, the chief served as head of operational threat in non-public banking. 

In response to the report, Rulematch affords a crypto buying and selling platform for monetary establishments solely. Moreover, the corporate, which has begun buying and selling in Bitcoin and Ethereum, has added some monetary establishments to its ranks. Nonetheless, firm executives famous the agency continues to be trying to develop its clientele in Europe, the UK, and Singapore. 

In the meantime, the report famous that Rulematch is within the technique of elevating funds in one other funding spherical. Beforehand, the agency raised $14 million from traders, together with ConsenSys Mesh, Circulation Merchants, and FiveT Fintech.

In contrast to most cryptocurrency buying and selling platforms, the report acknowledged that Rulematch is a pure buying and selling platform that matches patrons and sellers of pursuits. This construction is much like that of standard monetary markets and addresses issues of the U.S. Securities and Alternate Fee on crypto corporations mixing buyer funds. 

Whereas the world’s prime banks are largely lacking from crypto buying and selling, Riegelnig claims there’s “a vibrant scene” in Europe, the UK, and a few Asian nations the place sure banks have entered the crypto market. “That’s a bunch which is usually missed,” he added.

In the meantime, Rulematch has seven purchasers, together with Banco Bilbao Vizcaya Argentaria and DLT Finance. Circulation Merchants and Bankhaus Scheich Wertpapierspezialist are its authorised market makers on the outset.