Money manager Sygnia said it intends to start a cryptocurrency exchange in the third quarter of this year to tap growing interest from investors in the country in digital currencies.

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.

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