Sygnia, an innovative FinTech company based in South Africa is gearing up to launch its own cryptocurrency exchange platform. The company which provides asset management, stockbroking and administration services, as well as a wide range of savings products, to institutional and retail clients has announced that it will launch its cryptocurrency exchange later this year.
BusinessTech reports that the firm, which currently has R180.6 billion ($14.5 billion) in assets under management (AUM), plans to open the exchange — called SygniaCoin — during the third quarter of this year.
According to the Sygnia CEO, Magda Wierzycka.
“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.”
“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.”
Sygnia which manages and administers assets on behalf of over 600 domestic and international institutional clients and over 6 000 individual clients is trying to stay ahead of the curve to become a major player in the cryptocurrency and blockchain space here in Africa and beyond. The integrity of these relationships is the core of our business.
Even though the South African government has no policy regarding cryptocurrency, Wierzycka said that the Sygniacoin will base its operational and security policies on the BitLicense framework adopted by the NewYork states department of financial services. with the expectation that the government will establish futuristic guidelines.
A recent survey conducted found that 47 percent of South Africans who have not yet invested in cryptocurrencies plan to do so in the future. Even though the cryptocurrency market is currently seeing a downward trend, the interests and expectations from the cryptocurrency market are on the upward slide.
Whats your opinion about Sygnia’s exchange development? is it coming at the right time? will its framework Bitlicense stand the test of time? Share your opinion with us in the comments section below.
Image source: pixabay
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.
Appealing to Regulators, Binance launches a Tax Reporting Tool
Leaving China, Crypto Exchanges Cancels Most of their Chinese Businesses
Patricia sponsors Big Brother Naija the 2nd time after recording 13k Users in 12 Hours
Yes! Bitcoin at $38k, See Why they Say It Has A Mind of its Own
The CBDC will lower the cost of doing business – CBN
Nigeria’s CBDC to Run on Hyperlegder Fabric
NatWest Suspends Payments to Binance
Carlifornian Resident Files Lawsuit against Dfinity Over ICP Sale
At Huge Valuations, these Two Companies Are the Largest In Crypto
Watch the Latest Edition of Inside Blockchain – 29th Nov. 2020
Crypto Roast is LIVE – 27th Nov. 2020
AMA Series with Beam CTO & Tech Lead, Alex Romanov
Keep it Locked on to Cryptotvplus
Inside Blockchain | 16.11.2020
Inside Blockchain: WHY YOU SHOULD BECOME A BLOCKCHAIN DEVELOPER
How Blockchain Technology Can Transform Governance In Africa
Hedge Trading on OKEx
Trading cryptocurrency seems cumbersome to new traders, especially those new to the crypto space. There have been a lot of...
The Chances of BTC Dropping to 40k Is Slim – Prateek Suri
The founder and Chief Executive Officer of the Maser group, Prateek Suri joined Tony Obiajuru this morning, 15th March, 2021...
Binance Smart Chain; CeFi or DeFi?
The controversy around whether or not the Binance Smart Chain is centralized or decentralized was cleared on the Inside Blockchain...
How Earnathon is Making Crypto Adoption Easier
Earnathon is making cryptocurrency education and adoption easier with its unique learn and earn platform. It’s no news that the...
NaijaCrypto CEO Says CBN Cannot Ban Cryptocurrency Trading
The Chief Executive Officer of NaijaCrypto, Chiagozie Iwu has said on the Inside Blockchain Show powered by CryptoTVPlus that the...