Another player is jumping into the crypto sphere. This time it is happening in South Africa.
One of the major asset management firm based in Cape Town is planning to introduce its own cryptocurrency exchange.
The company is called Sygnia Ltd. The move was made amid growing popularity of crypto assets across the country.
Sygnia Ltd. CEO Maria Wierzycka informed that the platform will be launched in the time period of July to September of 2018.
The company informed the press that the exchange will be called SygniaCoin. Sygnia is also planning to develop a fund which has the capacity to grant users access to the myriad of crypto assets.
So the Sygnia Ltd is joining both on the exchange and fund front. The company looks desperate to exploit the growing crypto market in South Africa.
The company also pointed out that with its fintech focus it is placed much better to become the first financial institution to embrace cryptocurrencies.
They emphasized that they are well positioned to offer investors a secure trading and execution platform.
This exchange platform, they promised will be backed by an international infrastructure, well-designed custody, and integration with standard saving products.
Sygnia Ltd. was acutely observing the trends in the market. They have decided to enter it at a strategic juncture.
The company also pointed out that they are going to follow the protocols established by the New York State. It probably saves them from the trouble of coming up with their own protocols.
Given the success with which New York State has negotiated with Gemini exchange, it seems further regulatory development in the South African polity is not going to influence their exchange.
They are explicitly basing their policies, protocols, and processes on the existing regulatory framework of New York State.
The company assured that this measure will ensure the highest levels of integrity and security for their clients.