Saturday, July 20, 2019

Sygnia Set To Launch a New Cryptocurrency Exchange in South Africa

Sygnia Limited, a well-known South African asset management company, has announced that it plans to launch a new Cryptocurrency exchange in the third quarter of the year. The exchange named SygniaCoin is a piece of Sygnia’s new vital arrangement to position itself for the developing computerized scene. This is also in response to the fast-growing interest in cryptocurrencies from stakeholders around the country.

While talking about the organization’s procedure for 2018/2019, the Chief Executive Officer of Sygnia group, Magda Wierzycka stated that:

 “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.”

Following the introduction of income tax on cryptocurrency trading by the South African Revenue Service (SARS), Sygnia says it expects the regulatory framework to follow and it is confident that the cryptocurrency regulation will keep evolving. The Sygnia exchange is expected to comply with the regulatory framework for digital currency trading platforms registered in New York, USA. Magda Wierzycka said that “To ensure the highest levels of integrity and security for clients, we are basing our policies, protocols, and processes on existing regulatory framework applicable to cryptocurrency exchanges registered in New York State, USA.” With over $14.5 billion (181 billion rand) under its management, the company noted that SygniaCoin would “offer investors a secure trading and execution platform backed by an international infrastructure, well-designed custody, and integration with standard savings products.”

Enhancing Sygnia’s Retail Infrastructure

Related Article:  BitFund Launches Cryptocurrency Investment Platform in South Africa

In addition to the new cryptocurrency exchange, the Cape Town-based company will likewise have the capacity to offer financial specialists the choice of holding cryptocurrencies on the Sygnia Alchemy organization entry portal as well as their ventures through the Sygnia LISP and in SURF.

The company is exploring new ventures to meet the numerous needs of retail and company investors, as a variety of products and services is currently being designed including a ‘Sygnia Cryptocurrency Fund,’ this will help their customers to invest in a wide range of digital currencies autonomously.  This development will bring more gateways to several innovations in the nearest future. Wierzycka stated that “We have also embarked on extensive upgrades to the infrastructure of Sygnia Securities and expanding its range of activities to take advantage of stock lending, market-making, and third-party execution opportunities.”

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