Switzerland has recently welcomed Rulematch, a groundbreaking cryptocurrency exchange designed exclusively for banks. Leveraging Nasdaq’s cutting-edge trading technology, Rulematch has emerged with an impressive lineup of seven banks and significant securities firms, including the trailblazing digital assets institution Banco Bilbao Vizcaya Argentaria (BBVA) from Spain.
Spot Trading Excellence: Rulematch’s Focus on BTC and ETH Against the Dollar
This avant-garde platform is set to offer spot trading for bitcoin (BTC) and ether (ETH) against the dollar, catering to a carefully selected range of institutional participants. Rulematch integrates crypto custody technology from Switzerland’s Metaco, renowned for its bank-friendly solutions, and incorporates Nasdaq’s pre-trade risk checks, trade matching, and market surveillance features.
In the aftermath of significant events such as the collapse of the FTX crypto exchange last year, there is a notable surge in institutional interest in crypto trading. Rulematch addresses this interest with a sophisticated and secure approach that closely mirrors traditional finance, placing a strong emphasis on segregated functionality and unwavering compliance with market rules.
Advanced Features and Support: Rulematch’s Impressive Offerings and Market Backing
The platform’s vision is to provide institutions with a familiar institutional feel. It boasts features such as an anonymous central-limit-order book with an impressive 30 microseconds execution time. Additionally, Rulematch offers integrated post-trade settlement with multilateral clearing. The platform has garnered support from designated market makers, including Flow Traders and Germany’s Bankhaus Scheich Wertpapierspezialist, ensuring upfront liquidity for participants.
In a recent press release, CEO David Riegelnig shed light on the rationale behind Rulematch, stating, “The crypto spot market is really dominated by players who do not really fulfill the very high requirements of a regulated participant.” Riegelnig highlighted the crucial distinction, pointing out that many existing crypto exchanges function more as brokers than actual exchanges. This realization prompted the inception of Rulematch, aiming to redefine industry standards.
Backing Rulematch is a notable entity, such as Netherlands-based Flow Traders, Consensys Mesh, and FiveT Fintech (formerly known as Avaloq). Beyond BBVA, Rulematch has been adopted by Germany’s DLT Finance. Notably, several other participating institutions have chosen to remain undisclosed at this juncture, according to Riegelnig.
Rulematch stands at the intersection of traditional financial principles and the dynamic realm of cryptocurrencies, presenting an innovative fusion. With its secure, compliant, and institutionally focused platform, Rulematch is positioned to influence the future of cryptocurrency trading for institutional players significantly. As the financial industry continues to narrow the divide between conventional finance and the burgeoning crypto landscape, Rulematch stands out as a symbol of advancement in Switzerland’s dynamic economic ecosystem.
