David Riegelnig, a former executive with a significant tenure at Credit Suisse until 2015, has now entered the realm of cryptocurrencies with his latest endeavor, “Rulematch,” a crypto trading platform exclusively targeting banks.
Reported by Bloomberg, the Zurich-based trading firm is offering specialized trading services focused on Bitcoin (BTC) and Ethereum (ETH) within a significant portion of the European Union, the U.K., and Singapore. While future expansions remain uncertain, the firm’s current offerings concentrate on these leading cryptocurrencies.
In discussions with Bloomberg, Rulematch’s executive highlighted the company’s successful fundraising efforts, amassing a total of $14 million from prominent supporters such as ConsenSys Mesh, Flow Traders, and FiveT Fintech. Additionally, the firm is reportedly in the process of securing further funding in a subsequent funding round.
Rulematch has established partnerships with only seven banks and securities firms so far, including institutions like Banco Bilbao Vizcaya Argentaria and DLT Finance, shared Riegelnig with Bloomberg. Despite acknowledging the general aversion of global financial institutions to crypto trading, Riegelnig emphasized the vibrant interest in Europe, the U.K., and select Asian markets, underscoring a segment that often goes unnoticed.
Before launching Rulematch, Riegelnig traversed various roles, including a stint at Bitcoin Suisse as the Head of Risk Management post his tenure at Credit Suisse. His professional journey includes experiences as an IT auditor, leading risk control functions, and entrepreneurship endeavors.
With this exclusive marketplace tailored for banks, Riegelnig aims to carve a niche for Rulematch within the banking sector, providing a crypto trading avenue to financial institutions amid the evolving landscape of digital assets.
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