Legal financial advising firm Carey Olsen and wealth services provider JTC have reportedly helped Criptyque in acquiring a Jersey crypto exchange license. This will help the secure mobile communication service provider to operate its soon-to-be-launched crypto exchange PryvateX.
PryvateX will differentiate itself in the crowded market of crypto exchange platforms by adopting a unique blend of centralized and decentralized exchange systems. It will provide the speed and usability of a centralized exchange while offering all the benefits of a DEX. Partner and head of digital assets and blockchain at Carey Olsen, Christopher Griffin actively provided regulatory advice for founding the exchange. He said,
It was a privilege to work with the Criptyque team to help deliver another ground-breaking digital assets business out of Jersey. It is testament to the flexibility and modernity of the jurisdiction’s robust regulatory framework that crypto start-ups continue to come to the island.
Criptyque has been working to build a unique blockchain ecosystem, which primarily focuses on security and privacy. The platform offers various services to its users, ranging from an encrypted messaging network for voice, text, and email, apart from the crypto wallet and the hyped PryvateX exchange.
Criptyque has also developed a native digital token, christened PryvateCoin, to work in association with its crypto exchange. The token will allow users to keep fees down on the exchange by using it for trade.
On JTC’s side, Mark Greyner and George Kellogg, head of funds and director of risk and compliance respectively, worked in tandem with Carey Olsen, to provide specialist advisory and structuring services prior to the launch of the exchange. Greyner led JTC taking support from Kellogg. Criptyque CEO Jonathan Parker-Bray said,
We are thrilled that PryvateX, our hybrid, secure cryptocurrency exchange, has been granted its Virtual Currency Exchange registration by the JFSC, a world-leading regulator. We are now in a position to provide ease of access to the market as well as peace of mind for more risk-adverse traders who may otherwise refrain from dealing in this new asset class.