South African financial services group Sygnia has revealed plans to introduce its own domestic digital currency exchange later this year, according to a report from Bloomberg. The plans were included within the company’s recent interim financial report, which suggested that the exchange is one of Sygnia’s top priorities for 2018 and 2019.
The company’s trading statement described the move as a response to evolving markets and demand:
“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.”
Sygnia plans to call the exchange SygniaCoin, and claims that the goal is to “offer investors a secure trading and execution platform backed by an international infrastructure, well-designed custody and integration with standard savings products.” The company suggested that its current focus on FinTech leaves it “well positioned to become the first major financial services institution to embrace cryptocurrencies” and provide those services to investors.
According to local media reports, the exchange plans to implement protocols and policies that would comply with the regulatory requirements for exchanges operating in the state of New York.