Abu Dhabi Global Market (ADGM) has awarded licence to Matrix Exchange Ltd. to operate a multilateral trading facility (MTF) and custody platform.
Matrix Exchange Ltd. will provide customers with a robust trading platform purpose-built for virtual assets, and with secured cold storage services. Matrix Exchange initial products will consist of BTC, BCH, LTE, and ETH, all paired with USD.
The firm 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 ADGM, Matrix Exchange 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, chairman of Matrix Exchange Ltd.
Matrix Exchange 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 per cent increase in alternative finance investments from 2013-2016, according to Global Findex.
-waheedabbas@khaleejtimes.com
Published: Wed 10 Jun 2020, 9:39 AM
Updated: Wed 10 Jun 2020, 12:19 PM
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