According to Bloomberg, former Credit Suisse executive David Riegelnig has co-founded Rulematch, a Zurich-based startup offering a crypto trading venue exclusively for financial institutions. The platform has started trading Bitcoin and Ether and is open to clients in most of the European Union, the United Kingdom, and Singapore. Rulematch has raised $14 million from investors.
Unlike typical crypto exchanges that provide a mix of functions, including trading and custody of assets, Rulematch aims to differentiate itself by being a pure trading platform, matching buying and selling interests. This structure mirrors traditional financial markets and allows participants to settle their trades daily on a net basis, improving capital efficiency for traders.
While the largest global banks are generally absent in crypto trading, Riegelnig noted that there is a vibrant scene in Europe, the UK, and certain Asian markets where some banks have ventured into the crypto market. Rulematch currently counts seven banks and securities firms as its initial clients.
The crypto market has partially rebounded from a rout in 2022, partly due to investors expecting the US to allow its first spot Bitcoin exchange-traded funds in the coming weeks. US Securities and Exchange Commission Chair Gary Gensler has signaled openness to the idea.
