Cryptocurrency trade portal Matrix Exchange Ltd granted FSP license  

By Backend Office, Desk Reporter
    Representational Image

    UAE based virtual currency (cryptocurrency) trade portal Matrix Exchange Ltd. has received Financial Services Permission (FSP) license to conduct a controlled virtual asset Multilateral Trading Facility (MTF) and custody platform that will help clients from all over the world. The FSP granted by the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) in the United Arab Emirates will permit Matrix Exchange Ltd. to assist retail customers, trading firms, and institutions from the Middle East, Asia, and Europe, among others.

    Matrix Exchange Ltd. will present clients with a strong trading platform tailor-made for virtual assets, and with secured and guaranteed best-in-class cold storage services. Matrix Exchange’s initial products will include Bitcoin, Ethereum, Bitcoin Cash, Litecoin all paired with the US Dollar. With a 40+ person professional, operational, and administrative team already in place, Matrix Exchange is expecting to launch its operations in the second half of 2020.

    James Wo,
    Chair of Matrix Exchange Ltd.

    “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.”

    With its official permission, Matrix Exchange eradicates all regional restrictions and provides retail and institutional consumers from around the world entrance to one organized platform. This will create an easy and more effective market and master everyday difficulties encountered by the industry.

    Moreover, Matrix Exchange Ltd. will support patrons to transform fiat to virtual assets and complete trades in USD, a quality that is remarkably rare among virtual asset trading platforms. The Matrix Exchange fiat channel reduces conflict and offers investments and trading accessible to millions of customers, maximizing adoption and driving growth.

    Matrix Exchange Ltd. will answer growing demand in the Gulf Cooperation Council (GCC) Region, a market-ready for virtual assets investment and implement key infrastructure for growth. According to Global Findex, The GCC region heads the Middle East in internet access and selection of digital payments and has seen a 400% rise in alternative finance investments from 2013-2016,. With an initial investment from Digital Finance Group, a preeminent blockchain and virtual asset investment firm, Matrix Exchange will be the pilot in the maturity of global virtual asset trading.

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