Rulematch Raises $14 Million Funding for its Institutional Crypto Trading Platform

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by Alisa Davidson

Published: December 14, 2023 at 5:21 am Updated: December 14, 2023 at 5:21 am

by Victor Dey

Edited and fact-checked:
December 14, 2023 at 5:21 am

In Brief

Rulematch raised $14 million in funding to provide institutional clients with a cryptocurrency trading venue.

Rulematch Raises $14 Million in Funding for Institutional Crypto Trading Platform

An institutional-grade crypto trading platform Rulematch, announced completion of its $14 million funding that saw participation from ConsenSys Mesh, founded by Ethereum co-creator Joseph Lubin, Flow Traders, and FiveT Fintech.

Established by former Credit Suisse executives, Rulematch is specifically designed for institutional clients — providing them with a cryptocurrency trading venue.

Unlike conventional cryptocurrency exchanges that encompass a range of functions, Rulematch positions itself solely as a trading platform, focused on matching buying and selling interests, resembling the structure of traditional financial markets. Additionally, it enables participants to settle their trades daily on a net basis, offering a method to enhance capital efficiency for traders.

The platform trades Bitcoin and Ethereum, serving customers across most of the European Union, the United Kingdom and Singapore. Among the platform’s initial customers are seven banks and securities companies, including Banco Bilbao Vizcaya Argentaria and DLT Finance.

Institutional Crypto Exchanges Embrace Non-Custodial Models

The crypto market has experienced a partial recovery from the 2022 downturn, driven by investors’ expectations of the US approving its first spot Bitcoin exchange-traded fund (ETF).

Gary Gensler, chair of the US Securities and Exchange Commission, has consistently criticized existing crypto platforms for their inability to separate different aspects of their businesses, such as custody, market-making, and trading, potentially leading to conflicts of interest.

In a recent development, the US institutional crypto exchange EDX Markets has also adopted a “non-custodial” model, eliminating itself from the need to hold clients’ digital assets. Currently, the platform offers trading in Bitcoin, Ethereum, and Litecoin.

Against a backdrop of heightened anticipation around Bitcoin ETF approval, companies are adjusting to the evolving landscape by introducing new cryptocurrency-related products tailored for institutional clients.

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About The Author

Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and engagement with scientific writing.

Alisa Davidson