Zurich-based start-up Rulematch, spearheaded by former Credit Suisse and Bitcoin Suisse top executive David Riegelnig, has introduced a new crypto trading platform with the backing of Luzerner Kantonalbank. The CEO, known for his roles at Bitcoin Suisse, brings extensive experience in risk management and executive leadership.
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Rulematch positions itself as a crypto trading platform exclusively catering to financial institutions. Currently facilitating Bitcoin and Ether trading, the platform has garnered the participation of seven banks and securities firms, including Banco Bilbao Vizcaya Argentaria (BBVA) and a Swiss cantonal bank, as highlighted in a recent press release.
Institutional Presence Growing
CEO Riegelnig notes the increasing activity of banks and financial institutions in the crypto market. Rulematch serves as a space where these entities expand their crypto activities, employing strategies akin to traditional markets. Riegelnig sees this as a positive indicator for market liquidity and the future of digital asset development.
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Powered by Nasdaq Technology
Utilizing Nasdaq’s trading technology, Rulematch’s matching engine is hosted in Zurich’s greater area, fostering collaboration among participants. The platform operates solely as a market operator, facilitating transactions by connecting buying and selling interests. In contrast to typical crypto exchanges, Rulematch does not provide custody solutions.
Strategic Partnership with LUKB
Rulematch has entered a partnership with Luzerner Kantonalbank to oversee fiat funds deposited by qualified participants. These funds serve as collateral and are utilized for settlement in fiduciary accounts. The collaboration enhances the platform’s financial infrastructure and regulatory compliance.
Conclusion
The launch of Rulematch signifies a strategic move in the Swiss crypto landscape, offering a specialized platform for financial institutions. The partnership with Luzerner Kantonalbank enhances the platform’s credibility, providing a secure environment for institutional participants to engage in crypto trading. As the market continues to evolve, Rulematch’s focus on liquidity and strategic collaborations positions it for success in the ever-expanding digital asset landscape.
