Quedex receives a DLT Provider licence from the Gibraltar Financial Services Commission
Quedex has become the world’s first regulated crypto-centric futures and options exchange. Based in Gibraltar, Quedex has today issued a press release announcing that the Gibraltar Financial Services Commission has awarded the company a Distributed Ledger Technology (DLT) Provider licence for the trading of cryptocurrency derivatives and for custody of cryptocurrencies. The grant of the Gibraltar licence makes Quedex the first regulated entity of its kind in the world.
The DLT Provider licence has been granted following a 15 month-long process during which Quedex worked together with the Gibraltar authorities in order to meet all the conditions required. With the support of their advisors in Gibraltar, PRT Lawyers, Quedex demonstrated that it will be compliant with the nine core principles that make up Gibraltar’s DLT regulatory framework. The principle-based DLT Framework is designed to protect consumers and businesses using digital assets. Clients of its services can now have full confidence that with Quedex they will be able to benefit from far greater security and more transparency in what has to date been an opaque industry.
Quedex’ users are largely institutional investors, miners, hedgers and active traders. The company provides a fully-fledged, transparent and secure financial platform to offer users the opportunity to trade in futures and options contracts on crypto assets. Quedex’s DLT licence means that there is now a way to hedge against cryptocurrency volatility within a regulated environment. This is an important step in mainstreaming crypto and making it more attractive to professional, corporate and institutional investors.
Spearheading a new generation of crypt finance companies
Quedex is leading a new generation of companies that have tasked themselves with building ‘layer two’ of the crypto financial infrastructure. Wiktor Gromniak, CEO and co-founder of Quedex said: ‘In order for the crypto industry to mature and to welcome more institutional investors into our tent it is of the essence that we create transparent financial markets and develop sophisticated financial products, such as futures and options. Being licensed by a very well respected and forward thinking jurisdiction like Gibraltar is a landmark moment for this industry in general and Quedex specifically. We are very proud.’
He added: “We are delighted and honoured to be one of the first cohort of companies to be granted a Distributed Ledger Technology Providers licence. Being part of this group allows us to help mainstream crypto and realize its global disruptive potential. Every step of this thorough and meticulous process has strengthened our belief that we made the right choice working with Gibraltar. In order for the crypto industry to mature and to welcome more institutional investors into our tent it is imperative that we create transparent financial markets and develop sophisticated financial products, such as futures and options.”
Gibraltar’s Minister for Commerce, The Hon Albert Isola MP, commented: ‘From early on in the process Quedex has shown admirable commitment to Gibraltar’s principles-based approach to regulation and I am pleased that they will join the growing group of licensed firms operating from Gibraltar in this evolving space. They form part of a strong line up of DLT licensed companies who will help further develop crypto into a maturing and sustainable industry and demonstrate that Gibraltar is leading the way in this industry.’
Currently using Bitcoin as its home currency, Quedex now plans to further expand its product offering to several alt-coins in the near future. Quedex’ unique product addresses real hedging and leveraged trading needs of the participants of the volatile crypto market. Quedex is currently live trading on BTCUSD products.