Cryptocurrency Exchange to Open in South Africa: Money manger Sygnia
South African based money manager Sygnia Ltd intents to start a cryptocurrency exchange by the end of this year. South Africa’s growing interest in digital currencies forced the exchange to launch its branch in the country.
Sygnia Limited (Sygnia) is a holding company Which functions through three business units: institutional business, that consists of asset management and investment administration services; retail business, that includes savings products and link investment service provider (LISP) administration, and support business, which includes systems development, support, life insurance license, collective investment scheme, stockbroking and information technology. It is engaged in providing various services to institutional clients, such as multi-manager investment products, including funds-of-South-African-hedge-funds; index-tracking investment products; management and administration of custom-designed investment strategies; transition management, and investment administration services.
The cape town-based company dubbed as SyngiaCoin, the exchange offers investors a safe and well-secured trading platform supported by an international infrastructure. Also, they provide a well-designed custody and integration with the standard savings products. They have 181 billion rands ($14.5 billion) under management. They also have plans to invest funds in various cryptocurrencies, it said in a six-month trading statement Friday.
Nowadays it is very evident that digital currencies such as bitcoin and Ethereum are increasing in popularity globally. A financial technology unit of South African Central Bank has recently initiated to analyze and review its position on private cryptocurrencies and to help draw up policies. Virtual digital currencies are dubbed as “cyber tokens” by the bank. Groepe, Deputy Governor Francois announced on Thursday in Pretoria.
The company further stated that they will stringently follow the regulatory framework for cryptocurrency trading platforms registered in the state of New York.
Image source: Sygnia