CRYEX to establish crypto currency exchange and clearinghouse using turnkey solutions from Cinnober
A new start-up in digital currency, CRYEX, has made its entrance on the financial stage. The company announced recently that it has filed an application with the Swedish Financial Supervisory Authority (Finansinspektionen) to become a regulated clearing organization. They then intend to create a members-only European marketplace for trading FX, including digital currencies like bitcoin and other crypto currencies. Cinnober had announced this partnership earlier, but without names and details.
CRYEX will 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 multi-purpose 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 and one of Sweden's most experienced exchange executives. “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.”
“Cryptocurrency trading is steadily increasing so this new enterprise comes at just the right time,” comments Veronica Augustsson, Cinnober’s CEO. “We’re happy to confirm additional details of this exciting project, as 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.”
Cinnober is an independent, world-leading supplier of financial technology to marketplaces and clearinghouses. The client list consists of major global players with extreme demands for reliability and performance, including names such as the Australian Securities Exchange, BM&FBOVESPA, Deutsche Börse, Dubai Gold & Commodities Exchange, Euronext, Johannesburg Stock Exchange, London Metal Exchange, LME Clear and Stock Exchange of Thailand.
|For further information or discussion, please contact:|
Head of Corporate Communications
Cinnober Financial Technology
Tel. +46-73 403 12 39
Head of Marketing & Communications
Tel. +46-738 835 488
CRYEX is a Swedish company that has set out to create a regulated clearinghouse and an FX and digital currency marketplace. The CRYEX platform is underpinned by financial-grade architecture and tier one technology partners. The company is run by an experienced core team of 10 full-time employees, seasoned banking/exchange executives with a record from banking, FX markets, technology, regulatory matters, risk management and security. For additional information, please visit www.cryex.com
About Cinnober Financial Technology
Cinnober provides solutions and services to leading trading and clearing venues, including exchanges, clearinghouses, banks and brokers. Cinnober’s solutions are largely based on the TRADExpress™ Platform, incorporating everything needed for mission-critical solutions in terms of performance, robustness and flexibility. The portfolio of offerings includes price discovery and matching, real-time risk management, clearing and settlement, index calculation, data distribution and surveillance. Cinnober’s customers include Australian Securities Exchange, BM&FBOVESPA, Deutsche Börse, Dubai Gold & Commodities Exchange, Euronext, ICE Liffe, Johannesburg Stock Exchange, London Metal Exchange, LME Clear and Stock Exchange of Thailand. Cinnober is listed on First North in Stockholm, with Avanza as Certified Advisor. For additional information, please visit www.cinnober.com