Former Credit Suisse executive unveils crypto marketplace for banks

A former executive at Credit Suisse has rolled out a new crypto trading platform, targeting banks and securities firms only.

David Riegelnig, who held several senior management positions at Credit Suisse until 2015, is now making a bet on cryptocurrencies with his new venture dubbed “Rulematch,” a crypto trading venue aimed at banks only.

According to a report from Bloomberg, the Zurich-based trading firm is offering trading services with Bitcoin (BTC) and Ethereum (ETH) in most of the European Union, the U.K. and Singapore. It’s unclear if the firm plans to expand its crypto offerings.

In commentary to Bloomberg, the firm’s executive said Rulematch has raised a total of $14 million so far from such backers as ConsenSys Mesh, Flow Traders and FiveT Fintech. As of press time, the firm is also in the process of raising another round, the report says.

Rulematch offers Nasdaq-built crypto services to only seven banks and securities firms so far, including Banco Bilbao Vizcaya Argentaria and DLT Finance, Riegelnig told Bloomberg. Although Riegelnig admitted that global financial institutions usually do not engage in crypto trading, he pointed out that the firm has “quite a vibrant scene” in Europe, the U.K. and certain Asian markets where, a group “which is sometimes overlooked.”

After leaving Credit Suisse, Riegelnig joined Bitcoin Suisse, a Swiss crypto custodian, as a head of risk management. Prior to Credit Suisse and Bitcoin Suisse, Riegelnig worked as an IT auditor, headed first and second line risk control functions, and later became an entrepreneur.