South African Asset Management Firm to launch crypto exchange
South African investment firm Sygnia has announced that it is planning to launch cryptocurrency exchange called SygniaCoin in the third quarter of 2018.
BusinessTech reports that the company has 181 billion rand ($14.5 billion) under management.
According to Sygnia CEO Magda Wierzycka, the cryptocurrency market is evolving at a rapid pace internationally and domestically and is attracting both domestic and international flows.
“With its fintech focus, Sygnia is well-positioned to become the first major financial services institution to embrace cryptocurrencies and to offer investors a secure trading and execution platform backed by an international infrastructure, well-designed custody and integration with standard savings products,” she noted.
Sygnia CEO told that to ensure the highest levels of integrity and security for clients, the company is basing its policies, protocols and processes on existing regulatory framework applicable to cryptocurrency exchanges registered in New York State, USA.
Wierzycka also noted that they will be offering investors the option of “holding cryptocurrencies on the Sygnia Alchemy administration portal, alongside their investments through the Sygnia LISP and in SURF”.
Sygnia CEO also informed about the launch of “Sygnia Cryptocurrency Fund” that invests in a range of cryptocurrencies on behalf of investors.
“We intend to invest in companies that provide opportunities to unlock significant value by positive engagement with management,” she concluded.
Let us remind that last week South Africa’s central bank declared that cryptocurrencies are “cyber-tokens” because they “don’t meet the requirements of money.”