Rulematch: Swiss Crypto Exchange Launches with Spain's BBVA Bank

• Introduction of Rulematch: A Novel Cryptocurrency Exchange in Switzerland
• Offerings and Functionality of Rulematch
• Relevance of Rulematch in Current Market Scenario
• What Sets Rulematch Apart?
• Insight from the CEO of Rulematch
• Rulematch Backers and Users
• Future Expansion Plans of Rulematch

Introduction of Rulematch: A Novel Cryptocurrency Exchange in Switzerland

The Swiss-based cryptocurrency exchange, Rulematch, has recently been established, offering its services to banks. The innovative exchange utilizes the technology provided by Nasdaq and has already garnered the support of seven significant firms including the digital asset innovator from Spain, Banco Bilbao Vizcaya Argentaria (BBVA).

Offerings and Functionality of Rulematch

The new platform offers bitcoin (BTC) and ether (ETH) spot trading against the dollar to a select group of institutional participants. The exchange uses the crypto custody technology provided by Metaco, a Swiss bank-friendly firm, as well as Nasdaq's features for pre-trade risk checks, trade matching, and market surveillance.

Relevance of Rulematch in Current Market Scenario

In response to incidents like last year's collapse of the FTX$3.28 -5.38% crypto exchange, there has been a surge in institutional interest in crypto trading. Rulematch addresses this demand with a robust structure that closely resembles traditional finance, emphasizing segregated functionality and stringent compliance with market rules.

What Sets Rulematch Apart?

Aiming to cater to the institutional requirements, Rulematch provides firms with a familiar setting. It includes an anonymous central-limit-order book with 30 microseconds execution times, integrated post-trade settlement with multilateral clearing, and guaranteed upfront liquidity by designated market makers such as Flow$0.909 -1.61% Traders and Germany's Bankhaus Scheich Wertpapierspezialist.

Insight from the CEO of Rulematch

David Riegelnig, the CEO of Rulematch, expressed that the domination of the crypto spot market by players who do not meet the stringent requirements of a regulated participant led to the inception of Rulematch. He stated that the majority of crypto exchanges essentially function more as brokers than actual exchanges, highlighting the unique space that Rulematch occupies in the market.

Rulematch Backers and Users

Rulematch has secured backing from several notable entities including Netherlands-based Flow Traders, Consensys Mesh, and FiveT Fintech, previously known as Avaloq. In addition to BBVA, the platform is being utilized by Germany's DLT Finance. Riegelnig mentioned however that many of the other institutions participating did not wish to be identified at present.

Future Expansion Plans of Rulematch

Riegelnig revealed that although multiple banks are in the process of joining the platform, the onboarding process is time-consuming due to the extensive due diligence on both sides. He also stated that Rulematch only selects jurisdictions that meet the OECD and FATF requirements, such as those in the European Union, U.K., and Singapore.

Edited by Jonathan Stoker