A former top manager of Credit Suisse and Bitcoin Suisse has launched a new cryptocurrency trading platform called Rulematch, with the support of Luzerner Kantonalbank. The Zurich-based startup is exclusively targeting institutional investors and has already begun trading Bitcoin and Ether. The platform currently has seven banks and securities firms as its initial participants, including Banco Bilbao Vizcaya Argentaria (BBVA), a Swiss cantonal bank, and DLT Finance. More financial institutions are expected to join the platform soon.
According to Rulematch CEO David Riegelnig, an increasing number of banks and financial institutions are becoming active in the cryptocurrency market. On Rulematch, these institutions and their institutional clients are expanding their activities and using many of the same strategies they employ in traditional markets. Riegelnig sees this as a positive sign for market liquidity and the development of digital assets.
The new platform utilizes the trading technology of the American stock exchange Nasdaq. The matching engine is hosted in two data centers in the Zurich area, where Rulematch participants and their clients can connect and collaborate. The platform acts solely as a market operator, bringing together the buying and selling interests of counterparties to execute and settle transactions. Unlike traditional cryptocurrency exchanges, Rulematch does not offer custody solutions.
Rulematch has partnered with Luzerner Kantonalbank to manage the fiat funds deposited by qualified participants, which are used as collateral and for settlement in escrow accounts.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Europe |
| Countries | 🇨🇠|
| Sentiment | very positive |
| Relevance Score | 1 |
| People | David Riegelnig |
| Companies | Bitcoin Suisse, Credit Suisse, Banco Bilbao Vizcaya Argentaria (BBVA), Rulematch, DLT Finance |
| Currencies | Lido Staked Ether, Bitcoin |
| Securities | None |
