SAINT HELIER, Jersey, Aug. 19,
2024 /PRNewswire/ -- DeFinity Markets, the first full-stack
institutional digital asset trading platform for fiat and Digital
Assets, is poised to launch its Tier 1 bank-backed credit
intermediation model which will offer investment-grade clients the
ability to net settle trades.
The Jersey subsidiary of DeFinity Markets, part of its
London-based parent group of
companies, has been operational in the spot foreign exchange market
since 2014 and is connected to some of the world's most prominent
banks such as Nomura, Commerzbank, Credit Agricole, Danske Bank,
and in total 11 banks, serving buy and sell side clients
globally.
"We are excited to expand our operations into the PB-backed
institutional digital asset market," said Manu Choudhary, co-founder of DeFinity Markets.
"Jersey's robust VASP framework and commitment to financial
innovation make it the ideal location for our platform."
The challenger-model will see investment-grade buy and sell-side
clients transact with each other using bank-intermediated credit
via the prime brokerage desk.
Michael Siwek, co-founder and
CRO, added: "We are beyond thrilled to utilise the Jersey VASP
framework to help banks, funds and asset managers, as well as trust
companies to buy, hold and sell digital assets and fiat,
efficiently, eliminating the burden of over-collateralisation,
ultimately easing counterparty risk and establishing a new and
improved trading infrastructure for FIs globally wishing to trade
digital assets in their own name or on behalf of
clients."
DeFinity Markets has chosen to work with Carey Olsen Jersey in
all legal matters and as such has a strong partner on its side as
it expands its presence on-island.
"Chris Griffin, Partner at Carey
Olsen Jersey, commented: " The launch of Definity Markets' platform
is a great result for Jersey and the perfect use case for the
JFSC's now well established VASP regime. "
The firm plans to expand its user base aggressively in the
coming months attracting LPs and clients who wish to transact with
investment-grade counterparties.
As volume in digital assets increases, many firms are looking to
make informed and sound decisions in respect to counterparty risk
tolerance.
"The increasing demand for efficient digital asset trading
solutions has driven our decision to base our operations in
Jersey," said Greg Myers, Senior
Board Advisor at DeFinity Markets. "We believe that Jersey is at
the forefront of digital asset innovation, and we are excited to
contribute to the island's growing reputation as a global financial
centre of excellence."
About DeFinity Markets
DeFinity Markets® is the Institutional Standard in Digital
Assets Trading and fiat rails. DeFinity is built on
institutional-grade technology offering unprecedented digital
assets market access to globally leading Financial Institutions
seeking to diversify their portfolio. The DeFinity management team
has applied decades of knowledge of traditional financial markets
to create the DeFinity ECN with direct market access. Platform
participants can transact fiat FX trades with the digital asset's
component completed on the DeFinity ECN. The ECN is
custody-agnostic and provides FIX API access, a standardized
rulebook powered by an embedded AML/KYC framework. We aggregate
quotes from market makers on which qualified clients can transact
digital assets. DeFinity offers access to liquidity across all
major digital assets, including stable coins. The DeFinity ECN
supports fiat currencies including GBP, EUR, USD crosses supported
by an integrated fiat on and off-ramp gateway.
For media inquiries, please contact:
Media Room DeFinity Markets
Tel: +44 (0) 20 7117 2517
Email: media@DeFinityMarkets.com
https://www.definitymarkets.com/
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content:https://www.prnewswire.co.uk/news-releases/definity-markets-gets-nod-from-jersey-financial-services-commission-to-launch-investment-grade-digital-assets-matching-and-settlement-platform-302224583.html