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.”
Today CGI and GTNews have announced the launch of the fifth annual Transaction Banking survey report, which offers which offers critical insight into the corporate-to-bank relationship.
The US dollar and debt yields falling on the North Korea missile test, treasury being a top target for cyber criminals and why treasurers aren't into real-time payments all hit the latest headlines in the world of treasury this week. Don't miss our ten top news stories from around the world.
Treasurers are being expected to do more work with fewer resources than ever before, so it is little wonder that the automation of day-to-day operations was highly discussed on the second day of EuroFinance, the annual treasury event held in Barcelona this week.
The key points of discussion at 2017's EuroFinance conference in Barcelona on Wednesday were how to deal with the geopolitical uncertainty that is being seen the world over, regulation, automation and cybersecurity.