Matrix Exchange receives virtual asset trading license; scheduled to launch in the second half of 2020

Source: IBS Intelligence 2020-06-04

Matrix Exchange 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 the exchange to serve retail customers, trading firms, and institutions from the Middle East, Asia, and Europe, among others.

Matrix Exchange will provide customers with a trading platform purpose-built for virtual assets, and with secured and insured cold storage services. The initial products will consist of BTC, BCH, LTE, and ETH, all paired with USD. With a team of over 40 technical, operational, and regulatory personnel, 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 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 will allow customers to convert fiat to virtual asset and settle trades in USD, an attribute that is said to be extremely rare among virtual asset trading venues. The Matrix Exchange fiat channel eliminates friction and makes investments and trading available to millions of customers, maximising adoption and propelling growth.

Matrix Exchange will meet the growing demand in the Gulf Cooperation Council (GCC) Region, a market ready for virtual assets investment and, will provide key infrastructure for growth. The GCC is said to lead 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. With an initial investment from Digital Finance Group, a leading blockchain and virtual asset investment firm, the exchange aims to be a leader in the growth of global virtual asset trading.

investment

trading platform

Blockchain

Europe

Fiat Currency

Matrix Exchange receives virtual asset trading license; scheduled to launch in the second half of 2020

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