South African asset management firm Sygnia has revealed plans to launch its own cryptocurrency exchange in the third quarter of this year. Sygnia’s cryptocurrency exchange will follow the rules and regulatory framework for cryptocurrency trading platforms registered in the state of New York, according to a report from Bloomberg.
On Friday, Sygnia published its six months financial results for 2018. It is displaying a 41% rise in revenue to R207.3 million, while operating profit is raised 33% to R64.0 million, from R48.2 million in the prior period.
Magda Wierzycka, the chief executive officer of Sygnia stated
“We aim to launch SygniaCoin, a cryptocurrency exchange, in the third quarter of 2018. The cryptocurrency market is evolving at a rapid pace internationally and domestically, and is attracting both domestic and international flows.”
This exchange will offer investors a secure trading and execution platform backed by an international infrastructure, well-designed custody and integration with standard savings products. The company suggested that its current focus on FinTech leaves it “well positioned to become the first major financial services institution to embrace cryptocurrencies” and provide those services to investors.
The Sygnia CEO further stated,
“To ensure the highest levels of integrity and security for clients, we are basing our policies, protocols, and processes on existing regulatory framework applicable to cryptocurrency exchanges registered in New York State, USA.”
New York state’s Department of Financial Services (NYDFS), is the most thorough regulatory framework representing digital currency trades.
The bank has selected cryptocurrency standards as “digital tokens” since they don’t meet the necessities to be named cash. The company also announced its intention to launch a “Sygnia Cryptocurrency Fund’ aimed at institutional investors. Cryptocurrencies, for example, Bitcoin and Ethereum are well known, and the South African Reserve Bank has begun a budgetary innovation unit to audit its situation on private cryptographic forms of money to draw policies.