The Zurich-based start-up Rulematch has launched a new crypto trading venue exclusively for banks. Trading in Bitcoin and Ether began on December 14, further details of which can be found in a press release. Among the first participants of the new trading venue are seven banks and securities firms, including Banco Bilbao Vizcaya Argentaria (BBVA) from Spain, one Swiss cantonal bank and the Frankfurt-based financial institute DLT Finance, as the press release explains.
The new platform operates on the basis of the trading technology used by Nasdaq stock exchange in the USA, with the matching engine housed in two data centers located in the Greater Zurich Area. In addition, Rulematch has partnered with Luzerner Kantonalbank (LUKB), the cantonal bank of Lucerne, to manage the fiat funds deposited by qualified participants used as collateral and for settlement in fiduciary accounts.
According to David Riegelnig, CEO of Rulematch, a “a growing number of banks and financial institutions have actually been quite active in the crypto market”. However, they have faced challenges due to the “many fundamental deficiencies in existing market infrastructure”, he adds. With Rulematch, they should now have the opportunity to expand their activities and, at the same time, deploy the same strategies that have been tried and tested in traditional markets. ce/ssp
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