Swiss Crypto Exchange Rulematch Launches with Spain’s BBVA

Get ready – Switzerland is now home to a cutting-edge cryptocurrency exchange for banks called Rulematch. This innovative platform uses Nasdaq’s technology and already has seven banks and large securities firms on board, including Spain’s leading digital assets pioneer, Banco Bilbao Vizcaya Argentaria (BBVA).

Rulematch is set to offer bitcoin (BTC) and ether (ETH) spot trading against the dollar for a select range of institutional participants. It features state-of-the-art crypto custody tech from Switzerland’s bank-friendly Metaco and Nasdaq’s pre-trade risk checks, trade matching, and market surveillance features.

As crypto exchanges continue to face challenges like last year’s collapse of FTX, Rulematch caters to institutional interest by providing a professional, regulated platform that closely mirrors traditional finance. It prioritizes segregated functionality and strong compliance with market rules.

Rulematch aims to give firms the institutional feel they’re accustomed to, including an anonymous central-limit-order book with 30 microseconds execution times and integrated post-trade settlement with multilateral clearing, according to a press release. It also provides upfront liquidity guaranteed by designated market makers like Flow Traders and Germany’s Bankhaus Scheich Wertpapierspezialist.

“The crypto spot market is really dominated by players which do not really fulfill the very high requirements of a regulated participant,” said CEO David Riegelnig. “Primarily, the mix of functions that so-called crypto exchanges typically do, which makes them much more of a broker than actual exchange, was what triggered us to start rolling out Rulematch.”

Backed by Netherlands-based Flow Traders, Consensys Mesh, and FiveT Fintech (formerly known as Avaloq), Rulematch is already making waves with Germany’s DLT Finance and BBVA. Other participating institutions, which were not named, are in the pipeline for onboarding as well.

“We have many more banks in the pipeline, but the onboarding takes quite a while,” Riegelnig said. “There’s a lot of due diligence involved on both sides, and we only select from jurisdictions that are fulfilling the OECD and FATF requirements, so from places like the European Union, U.K. and Singapore.”

Exciting times are ahead for the banking industry with the launch of Rulematch in Switzerland!

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