South African FinTech company and asset management firm Sygnia Ltd announced that they are launching their own cryptocurrency exchange.
So far, the company boasts over 600 institutional clients and over 6,000 individual clients. With 175 people in its workforce managing around $14.7 billion in assets, the introduction of cryptocurrency services to Sygnia clients is big news for the crypto community.
Sygnia CEO Magda Wierzycka told BusinessTech that the exchange was to be called SygniaCoin:
“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.”
Aside from the cryptocurrency exchange, the company has also announced that they will be launching a cryptocurrency investment management fund called the “Sygnia Cryptocurrency Fund” for its clients.
Wierzycka also explained that they will be basing “policies, protocols and processes” on the existing regulatory framework for crypto exchanges in New York State, USA:
“We will also be able to offer investors the option of holding cryptocurrencies on the Sygnia Alchemy administration portal, alongside their investments through the Sygnia LISP and in SURF.”