The South African Investment Firm, Sygnia to Launch its Cryptocurrency ExchangeJune 2, 2018
Sygnia Asset Management, one of the major investment in South Africa, just announced its plan of launching a cryptocurrency exchange later this year.
BusinessTech, a regional business news outlet, reports that the firm, Sygnia Asset Management, which presently owns R180.6 billion ($14.5 billion) assets, plans to open its crypto exchange – called as the SygniaCoin later this year.
SygniaCoin, a cryptocurrency exchange aims to make the exchange real, during the third quarter of 2018. According to Magda Wierycka, the CEO of the Sygnia Asset Management, this plan is their action to cope up with the evolving market both internationally and domestically. The CEO also believed that this would benefit them in attracting both international and domestic flows.
“With the team’s fintech focus, we are well-positioned to become the very first financial services institution to finally embrace the cryptocurrency and offer all the investors a secure and safe execution and trading platform backed by well-designed custody, international infrastructure, and integration with standard savings products.” Magda Wierycka added.
As an addition to trading, the company will also offer all the traders the ability to hold their Sygnia accounts together with their investments. The company will also base its security and operational policies on the BitLicense framework adopted by New York state’s Department of Financial Services. It is considered as the most rigorous regulatory managements governing cryptocurrency exchanges. It is where, according to the CEO, will enable it to serve institutional investors better.
Sygnia will also create a dedicated fund which aims to invest in a wide range of cryptocurrencies on behalf of investors. As CNN reported, the bank of South Africa has yet to outline a clear policy on the cryptocurrencies, which it is also known as “cyber-tokens.” Nevertheless, Magda Wierycka, the company CEO expects that government will establish more full-bodied guidelines shortly.
In the recent years, the interest in cryptocurrency in South Africa has seen to be increasing. During the previous months, the interest of South Africans in cryptocurrencies continue to boom, even though the crypto market experienced a general downtrend.
A recent study shows that 47% of South Africans who have not yet tried investing in cryptocurrency plan to do so in the coming years. Either through a proxy or direct investments in companies that operate cryptocurrency mining farms. Experts also believe that the future of cryptocurrency investments in South Africa will soar and will reach its heights in the coming years.