Cryptocurrency exchange Matrix has received a full license from the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) to operate a cryptocurrency exchange and custodian service in the UAE.

The license, known as a “Financial Services Authorization” (FSP), will allow Matrix to operate a virtual multilateral trading platform and also provide custody and custodianship of cryptocurrencies serving retail clients, trading companies and institutions from the Middle East, Asia, Europe and others.

Matrix said its mission is to provide clients with a robust trading platform designed specifically for virtual currencies and assets, with the best secured and insured cold storage services.

The Matrix platform’s primary products will consist of Bitcoin, Bitcoin Cash, Litecoin and Ethereum, all of which are available for trading against the US dollar.

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The platform is scheduled to be launched in the second half of 2020.

stated James Wu, President of Matrix Exchange Ltd and Founder of Digital Financial Group:

Abu Dhabi’s history as a global trading hub makes it an ideal location for regulated and licensed virtual assets that enable us to serve markets from all over the world.

With an FSRA license, Matrix Exchange Ltd is ready to meet the current need and demand from markets that have hitherto been restricted to unregulated regional platforms.

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