FinTech firm iBLOXX was granted a license for proprietary trading in cryptocurrency commodities by the Dubai Multi Commodities Center (DMCC), according to a press release on Wednesday (Dec. 22).
iBLOXX develops models based on artificial intelligence (AI) and machine learning (ML) algorithms for a variety of instruments, including crypto commodity markets. Dubai has experienced a boost in crypto and blockchain activity.
“This license will allow us to merge our expertise from the traditional financial markets with the crypto DeFi ecosystem,” said iBloxx’s CEO Domenik Maier.
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“Our fully automated algorithms are designed to maximize profit margins and minimize execution risk in a sub-zero milliseconds timescale through multi-asset, market-wide connectivity and on-chain smart contracts across major blockchains,” Maier said.
A proprietary trading firm, iBLOXX operates in the algorithmic trading of equities, fixed income securities, commodities, FX and crypto commodities. Headquartered in Dubai, United Arab Emirates, it brings 20 years of experience and a proven track record in the global capital markets, according to the release.
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The DMCC freezone and Government of Dubai Authority on commodities, trade and enterprise signed a memorandum of understanding in March with the Securities and Commodities Authority (SCA) to develop a regulatory scheme for businesses offering, issuing, listing and trading crypto assets in DMCC, per the release.
Businesses dealing with crypto assets can apply for bespoke licenses from the DMCC Crypto Centre in Dubai. Further, the Dubai World Trade Centre (DWTC) is now a “comprehensive zone and regulator” for virtual assets and crypto.
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