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To be known as SygniaCoin, the exchange will “offer investors a secure trading and execution platform backed by an international infrastructure, well-designed custody and integration with standard savings products,” the Cape Town-based company said.
Sygnia, which has R181bn under management, also plans a fund that will invest in a range of cryptocurrencies, it said in an six-month trading statement Friday.
Digital currencies such as Bitcoin and Ethereum are becoming increasingly popular, and the South African Reserve Bank has started a financial-technology unit to review its position on private cryptocurrencies and to help draw up policies.
The bank chooses to refer to digital currencies as “cyber-tokens” because they don’t meet the requirements to be classified as money, deputy governor Francois Groepe said in Pretoria on Thursday.
