Matrix Exchange Ltd. receives license to operate a global virtual asset MTF and custody service based in Abu Dhabi, UAE

Providing Customers from Around the World with a Regulated Virtual Asset to USD Trading Platform

  
Matrix Exchange Ltd. receives license to operate a global virtual asset MTF and custody service based in Abu Dhabi, UAE

Abu Dhabi, UAE: – Matrix Exchange Ltd. has received a license, known as Financial Services Permission (FSP), to operate a regulated virtual asset Multilateral Trading Facility (MTF) and custody platform that will serve customers from around the global. The FSP issued by the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) in the United Arab Emirates, allows Matrix Exchange Ltd. to serve retail customers, trading firms, and institutions from the Middle East, Asia, and Europe, among others.

Matrix Exchange Ltd. will provide customers with a robust trading platform purpose-built for virtual assets, and with secured and insured best-in-class cold storage services. Matrix Exchange initial products will consist of BTC, BCH, LTE, and ETH, all paired with USD. With a 40+ person technical, operational, and regulatory team already in place, Matrix Exchange is scheduled to launch in the second half of 2020.

“Abu Dhabi’s history as a global trading hub makes it an ideal location for a regulated, licensed virtual asset MTF that enables us to serve markets from around the world. With a license from the forward-looking FSRA, Matrix Exchange Ltd. is poised to fulfill a current white space and meet the demand from markets that until now have been limited to unregulated regional exchanges,” said James Wo, Chair of Matrix Exchange Ltd. and Founder of Digital Financial Group.

With its license, Matrix Exchange dissolves regional barriers and gives retail and institutional customers from around the world access to one regulated platform. This will create an accessible and a more efficient market and overcome common challenges faced by the industry. Notably, Matrix Exchange Ltd. will allow customers to convert fiat to virtual asset and settle trades in USD, an attribute that is extremely rare among virtual asset trading venues. The Matrix Exchange fiat channel eliminates friction and makes investments and trading available to millions of customers, maximizing adoption and propelling growth. 

Matrix Exchange Ltd. will meet growing demand in the Gulf Cooperation Council (GCC) Region, a market ready for virtual assets investment and provide key infrastructure for growth. The GCC leads the Middle East in internet access and adoption of digital payments and has seen a 400% increase in alternative finance investments from 2013-2016, according to Global Findex. With initial investment from Digital Finance Group, a leading blockchain and virtual asset investment firm, Matrix Exchange will be the leader in the growth of global virtual asset trading.

-Ends- 

About Digital Finance Group

Digital Finance Group (DFG) is a global blockchain and virtual asset investment firm. Founded in 2015, the firm has offices in San Francisco, Shanghai, Singapore, and Abu Dhabi and manages investments in excess of $550M AUM. DFG’s portfolio includes an actively-managed trading fund which has seen returns of more than 400% over the last five years. DFG manages a venture fund with equity holdings in a number of leading blockchain companies, including LedgerX, Bloq, Circle, and Ripio among others. Successful exits have included Brave and Centre, where DFG was the lead investor to create and launch USDC.

DFG also led the launch of several key projects, including AToken the third largest wallet service in Asia; and Matrix Exchange. It has also supported Ethereum Classic Labs, which runs an accelerator that has invested in up to 40 blockchain projects over the last two years; and has a team of developers who manage the Ethereum Classic Protocol, one of the world’s major public blockchains. For more information, please visit: dfg.group and www.etclabs.org 

Contact:
Mohanned Halawani
Crypto PR
mohanned@crypto-pr.io 

Send us your press releases to pressrelease.zawya@refinitiv.com

© Press Release 2020

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.

More From Press Releases