South African Wealth Management Firm to Launch Cryptocurrency Exchange Next Quarter
South African investment management firm, Sygnia, has announced that it plans to launch a cryptocurrency exchange by Q4, 2018.
Sygnia Ltd. currently manages ZAR 184 billion (approximately $14.7 billion USD) worth of assets and has offices in Cape Town, Johannesburg and Durban. Sygnia claims to currently employ over 175 staff, and manage the assets of over 6,000 individual clients, and 600 international clients.
Magda Wierzycka, the chief executive officer of Sygnia stated “We aim to launch SygniaCoin, a cryptocurrency exchange, in the third quarter of 2018. The cryptocurrency market is evolving at a rapid pace internationally and domestically, and is attracting both domestic and international flows.”
Mrs. Wierzycka described the move as comprising one of “a number of new strategic initiatives that will position Sygnia for the evolving digital future, as well as help its new business development and distribution efforts.”
“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,” Mrs. Weirzycka stated…