- Former Credit Suisse executive David Riegelnig launched a crypto trading platform for banks and securities firms.
- The platform, called Rulematch, has begun trading in Bitcoin and Ethereum and already has seven clients in its portfolio.
- Rulematch, unlike other crypto exchange platforms, is a pure trading platform that matches buyers’ and sellers’ interests.
David Riegelnig, a former Credit Suisse AG private banking executive, has launched a cryptocurrency trading platform aimed at banks and securities firms, Bloomberg reported Thursday. The report stated the move is a strategic effort to capitalize on the increasing interest in digital assets from traditional financial institutions outside the United States.
Indeed, Riegelnig, in 2015, departed Credit Suisse to work on the Zurich-based startup Rulematch. Prior to this exit, the executive served as head of operational risk in private banking.
According to the report, Rulematch offers a crypto trading platform for financial institutions only. Furthermore, the company, which has begun trading in Bitcoin and Ethereum, has added some financial institutions to its ranks. However, company executives noted the firm is still looking to expand its clientele in Europe, the United Kingdom, and Singapore.
Meanwhile, the report noted that Rulematch is in the process of raising funds in another funding round. Previously, the firm raised $14 million from investors, including ConsenSys Mesh, Flow Traders, and FiveT Fintech.
Unlike most cryptocurrency trading platforms, the report stated that Rulematch is a pure trading platform that matches buyers and sellers of interests. This structure is similar to that of conventional financial markets and addresses concerns of the U.S. Securities and Exchange Commission on crypto firms mixing customer funds.
While the world’s top banks are largely missing from crypto trading, Riegelnig claims there is “a vibrant scene” in Europe, the United Kingdom, and some Asian nations where certain banks have entered the crypto market. “That’s a group which is sometimes overlooked,” he added.
Meanwhile, Rulematch has seven clients, including Banco Bilbao Vizcaya Argentaria and DLT Finance. Flow Traders and Bankhaus Scheich Wertpapierspezialist are its approved market makers at the outset.
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