Swedish startup preps institutional digital currency marketplace and clearing house

Swedish startup preps institutional digital currency marketplace and clearing house

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."

Comments: (1)

A Finextra member
A Finextra member 08 May, 2015, 12:55Be the first to give this comment the thumbs up 0 likes

...a regulated clearinghouse for digital currencies using block chain technology? According to the Swedish police drug enforcement unit 75% of all major drug deals they intercept are paid for with such digital currencies. So in the future the drug suppliers can cash in to central bank money through a regulated marketplace!