A Zurich-based startup called Rulematch is revolutionizing the crypto trading experience for banks and securities firms. Founded by former Credit Suisse executive David Riegelnig, Rulematch offers a cutting-edge trading platform focused solely on traditional financial powerhouses. Unlike other exchanges, Rulematch does not provide custody services, making it unique in the market.
Expanding Crypto Trading Opportunities
Rulematch has launched Bitcoin (BTC) and Ether (ETH) spot trading against USD for clients in the European Union, the United Kingdom, and Singapore, according to a Bloomberg report. Riegelnig emphasizes the importance of not overlooking the potential of these regions, stating, “That’s a group which is sometimes overlooked.” This move has brought a whole new level of trading opportunities to countries where few financial institutions have ventured into the crypto market.
Key Investors and Partnerships
Rulematch has successfully raised $14 million from key investors, including ConsenSys Mesh, Flow Traders, and FiveT Fintech. With this capital, the startup plans to further advance its operations and is already planning a new investment round in the near future. Currently, the crypto trading startup serves seven banks and securities firms, including German-based DLT Finance and Spanish multinational bank BBVA.
Rulematch uses state-of-the-art software developed by Nasdaq for matching trades, monitoring risks, and detecting any market abuse. This ensures that the platform operates with utmost efficiency and security. Additionally, the startup has partnered with Luzerner Kantonalbank AG (LUKB), a Swiss bank, to handle participants’ fiat funds used as collateral, providing an extra layer of trust and reliability.
At its launch, Rulematch will have Flow Traders and Bankhaus Scheich Wertpapierspezialist as market makers. Flow Traders specializes in institutionalizing the digital asset market and will bring liquidity to the platform. Participants on Rulematch can benefit from up to 75% less up-front liquidity needed, thanks to the platform’s multilateral net settlement system. This allows for highly capital-efficient trading among participants.
“Rulematch is creating a vibrant scene in Europe, the UK, and certain Asian countries where few financial institutions have ventured into the crypto market.”
– David Riegelnig, former Credit Suisse executive and founder of Rulematch
With its innovative approach and strategic partnerships, Rulematch is paving the way for a new era of crypto trading in the financial industry. Its customized experience, advanced technology, and focus on established institutions make it a game-changer in the market.
