Cryex turns to Cinnober for digital currency trading platform

Cryex turns to Cinnober for digital currency trading platform

Swedish digital currency marketplace Cryex has selected Cinnober to supply a hosted version of its trading, clearing and surveillance platform, in a further sign of the collision between virtual currencies and traditional exchange dealing technology.

The 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.

In selecting Cinnober, the company is bidding to attract established financial institutions into the digital currency ecosystem by providing a regulated environment where blockchain technology meets tier one technology.

Veronica Augustsson, Cinnober’s CEO, says the combination of cryptocurrencies and blockchain methods with established exchange and clearing technology represents a new frontier for financial markets trading.

"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.”

Cinnober is not alone in seeing a new revenue stream from emerging digital currency exchanges. Earlier this year, New York-based Noble Markets contracted to use Nasdaq's X-stream trading technology system to power its up-and-coming digital currency marketplace.

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