A startup with $10 million in funding behind it has applied to Sweden's financial watchdog to become a regulated institutional foreign exchange and digital currency marketplace and clearing house.
Cryex says that it wants to become a "trusted gateway" between the traditional regulated financial industry and the fast-emerging world of digital currencies and the blockchain economy, providing a secure place where people can trade a suit of spot and, eventually, derivative products.
With funding from VC firms White Star Capital, Northzone and others, the firm boasts a team of experienced banking and exchange executives, including chairman Simon Nathanson, a former Nasdaq executive and Neonet CEO.
"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," says Nathanson.
Eric Martineau-Fortin, managing partner, White Star Capital, adds: "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."