Ex-Credit Suisse Exec Launches Crypto Trading Venue for Banks, Eyes Asia & Europe

• Nasdaq-powered Tech: Ensures secure, accurate trades with robust risk monitoring and anti-abuse algorithms.
• Liquidity Boost: Dedicated market makers like Flow Traders keep the market active and stable for efficient trading.

In a world where digital assets are gaining increasing popularity, traditional financial institutions are starting to explore the crypto market. Rulematch, a new startup founded by former Credit Suisse executive David Riegelnig, is catering to this growing demand by offering a crypto trading venue exclusively for banks and securities firms. With its pure trading platform and net settlement feature, Rulematch aims to differentiate itself from existing crypto exchanges and provide financial institutions with a more efficient and capital-effective trading experience.

Tailored Trading for Financial Institutions

Rulematch is a crypto trading venue designed specifically for banks and securities firms. Unlike traditional crypto exchanges that offer a mix of functions, including trading and custody of assets, it focuses solely on trading. This structure mirrors that of traditional financial markets, making it more familiar to financial institutions.

The platform also allows participants to settle their trades daily on a net basis, which improves capital efficiency for traders. This feature enables financial institutions to manage their capital more efficiently by reducing the amount of collateral required to settle trades.

Are Global Banks Ready to Embrace Rulematch?

While the largest global banks are generally absent in crypto trading, there is a growing participation of traditional financial companies outside the US in digital assets. According to Riegelnig, “we do have quite a vibrant scene” in Europe, the UK, and certain Asian markets where some banks have ventured into the crypto market. These banks are seeking more efficient and capital-effective ways to trade digital assets while minimizing risks associated with custody and other functions offered by traditional crypto exchanges. Rulematch’s pure trading platform and net settlement feature cater specifically to these needs.

Securing $14 Million in Funding

Rulematch has secured $14 million in funding from several investors, including ConsenSys Mesh, founded by Ethereum co-creator Joseph Lubin, Flow Traders, and FiveT Fintech. These investors bring significant expertise in the crypto and fintech industries, which will be invaluable as Rulematch continues to grow and expand its services. The startup is currently in the process of raising another round of funding.