Swedish Digital Currency Exchange Cryex Raises $10 Million

Sweden-based digital currency exchange Cryex has raised $10m from investors including White Star Capital and Northzone Ventures.

According to its website, launched 4th May, the Stockholm-based company seeks to bridge the gap between traditional financial markets and blockchain technology with a soon-to-be launched exchange product.

Though details are scarce, this general focus was further addressed by Simon Nathanson, chairman of Cryex Clearing AB, in statements regarding the round.

Nathanson said:

“Cryex has a unique model to clearing and settlement and has all the necessary components in place; financial-grade architecture and technology partners, a seasoned team and a number of high-profile strategic investors from the financial sector.”

Eric Martineau-Fortin, managing partner at White Star Capital, voiced his enthusiasm for the company's coming market entrance, which he said he hopes will attract "financial institutions into the digital currency ecosystem".

A company statement indicated Cryex has filed a regulation application with the Swedish Finansinspektionen (SFSA), Sweden's government agency responsible for regulation and overseeing the country's financial market.

Notably, Northzone Ventures has previously invested in mobile payments firm iZettle, though neither it nor White Star Capital has a history of financial technology investments.

The SFSA did not respond to requests for comment at the time of press.

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