Sygnia Asset Management is a South African investment firm that holds $14.5 billion (R 180.6 billion) in assets under its management. In a statement, the firm reported implementing cryptocurrency on its platform in the last quarter of 2018.
According to the Business Tech a regional business news outlet, the current firm assets under its management is R180.6 billion equivalent to $14.5 billion. It plans to plans to unlock exchange called SygniaCoin during the last quarter of 2018.
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"SygniaCoin CEO Magda Wierzycka said: “We target to establish SygniaCoin, a cryptocurrency exchange, in the third quarter of 2018. The cryptocurrency business is growing at a flying rhythm universally and nationally, and it’s luring domestic and global investors.”
“With our tech focus, we are well-positioned to become the first supreme banking firm to adopt cryptocurrency and render shareholders a secure trading and accomplished system supported by an international infrastructure, well-designed supervision and combination with quality saving products” she added.
The CEO said that the firm will source its functional and security policies on BitLicense framework endorsed by the New York state’s Department of Financial Services. The NYDFS is deemed the best inspection firms regulating cryptocurrency trading. This will help us serve institutional investors better, she explained.
Sygnia has plans to create an exclusive fund that will invest in a variety of cryptocurrencies on behalf of traders. This will be in addition to the ability of investors to hold cryptocurrencies in their Sygnia accounts with their other assets.
South Africa is, yet, to distinguish clear rules on cryptocurrencies, which refers to cyber-tokens. This is according to CCN report. Wierzycka, however, said that the national assembly will enact laws in few days to come.
In the recent months, concern in cryptocurrencies among South Africans has increased despite the downfall in the market trend. A recent survey shows that 47% of South Africans haven’t invested in cryptocurrency. However, the intent to do so either in person or through a representative investment in companies that operates cryptocurrency mining firms.