Cryex, a Sweden-based startup aiming to launch a cryptocurrency and institutional FX marketplace, has partnered with Cinnober as its technology provider.
Cryex, backed by $10 million in venture funding, has thus far been fairly “cryptic” about its envisioned offerings. To date, it has indicated that it filed an application with the Swedish Finansinspektionen (SFSA) “to become a regulated clearing organization and create a member-only marketplace with clearing and settlement for FX and digital currencies.” Its mission statement is to be a “gateway between financial markets and [the] blockchain economy.”
Cinnober is a technology provider for financial marketplaces around the world, with several big names among its clientele. Its technology will be used by Cryex for trading, real-time clearing and surveillance. It is hoped that the envisioned platform will attract financial institutions into digital currency trading, something which several other new offerings are also seeking to accomplish.
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Veronica Augustsson, Cinnober’s CEO, also alluded to the use of blockchain technology in its solution, saying:
“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.”
The adaptation of established trading technology toward the digital currency marketplace got another boost two months ago, when it was announced that Nasdaq technology will be used to power Noble Markets’ bitcoin exchange.