DeFinity Markets gets nod from Jersey Financial Services Commission to launch investment-grade digital assets matching and settlement platform

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.

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