Cryex to Use Cinnober as Technology Provider

Cryex, a Sweden-based startup aiming to launch a cryptocurrency and institutional FX marketplace, has partnered with Cinnober as its technology provider.

Cryex, backed by $10 million in venture funding, has thus far been fairly "cryptic" about its envisioned offerings. To date, it has indicated that it filed an application with the Swedish Finansinspektionen (SFSA) "to become a regulated clearing organization and create a member-only marketplace with clearing and settlement for FX and digital currencies." Its mission statement is to be a "gateway between financial markets and [the] Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term economy."

Cinnober is a technology provider for financial marketplaces around the world, with several big names among its clientele. Its technology will be used by Cryex for trading, real-time clearing and surveillance. It is hoped that the envisioned platform will attract financial institutions into digital currency trading, something which several other new offerings are also seeking to accomplish.

Veronica Augustsson, Cinnober’s CEO, also alluded to the use of blockchain technology in its solution, saying:

"We’re happy to confirm additional details of this exciting project, as Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term and blockchain methods, combined with established exchange and clearing technology, are of wide interest to the entire industry. I am personally convinced that blockchain technology is a game-changer for the traditional financial industry, and look forward with a great deal of enthusiasm to continued developments with this project."

The adaptation of established trading technology toward the digital currency marketplace got another boost two months ago, when it was announced that Nasdaq technology will be used to power Noble Markets' bitcoin exchange.