Rulematch Secures $14 Million to Develop Its Institutional Crypto Trading Platform
In Brief
Rulematch has successfully raised $14 million in its latest funding round, aimed at creating a dedicated trading venue for institutional clients interested in cryptocurrency.
A cutting-edge trading platform tailored for institutional crypto transactions. Rulematch , has announced the completion of its $14 million funding round, which included participation from industry leaders such as ConsenSys Mesh, co-founded by Ethereum co-creator Joseph Lubin, Flow Traders, and FiveT Fintech.
Founded by former Credit Suisse leaders, Rulematch is specifically crafted for institutional clients — offering a venue for cryptocurrency trading.
Unlike typical cryptocurrency exchanges that provide a variety of services, Rulematch exclusively focuses on trading, effectively matching buyers and sellers in a manner reminiscent of conventional financial markets. Furthermore, it allows for daily net settlement of trades, which enhances capital efficiency for participants.
The platform trades Bitcoin and Ethereum , catering to clients across much of the European Union, the United Kingdom, and more. Singapore . Among its initial clientele are seven banks and investment firms, including Banco Bilbao Vizcaya Argentaria and DLT Finance.
Institutional Crypto Exchanges Adopting Non-Custodial Approaches
The cryptocurrency market has shown signs of recovery following the downturn of 2022, largely fueled by investor optimism surrounding the US approving first Bitcoin spot exchange-traded fund (ETF).
Gary Gensler, chair of the US Securities and Exchange Commission , has persistently pointed out shortcomings in current crypto platforms regarding their management of different business elements, such as asset custody, market-making, and trading, which may lead to potential conflicts of interest.
Recently, EDX Markets, a US institutional crypto exchange, has also opted for a 'non-custodial' approach, freeing itself from the responsibility of managing clients' digital assets. At present, the platform allows trading in Bitcoin, Ethereum, and Litecoin.
With growing excitement around the possible approval of a Bitcoin ETF, firms are adapting to the shifting environment by launching new cryptocurrency products specifically designed for institutional investors.
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