The first virtual assets trading platform that is fully compliant with the Abu Dhabi Global Market (ADGM) virtual asset policy framework, is set to be launched.

Global blockchain and crypto specialists Matrix believes that this launch will "open the floodgates" to retail and institutional investors in the United Arab Emirates and broader Middle East looking to participate in the market of novel blockchain-based assets

Matrix is a virtual assets trading platform serving investors around the world, launches as the first regulated virtual asset multilateral trading facility (MTF) & custodian under the Abu Dhabi Global Market (ADGM) virtual asset policy framework. 

Licensed by the Financial Services Regulatory Authority (FSRA), Matrix is positioned to materialize the UAE's strategic priority to drive fintech and blockchain innovation. 

"We are incredibly excited to meet the skyrocketing demand for virtual asset investment opportunities in the GCC region and create a global market with the launch of Matrix," says Vasja Zupan, President of Matrix and formerly COO of Luxembourg-based exchange Bitstamp. 

"The ADGM policy framework, among the highest regulatory standards in the world, allows Matrix to achieve global reach, offering the top-notch security of a regulated environment."

Demand

The Gulf Cooperation Council (GCC), encompassing Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Bahrain, and Oman, is experiencing a fast-growing demand for virtual asset investment and adoption.

The GCC experienced 400%  growth in alternative finance investments between 2013 and 2016, according to Global Findex. In 2018, the UAE launched the Emirates Blockchain Strategy, which aims to transform 50% of government transactions into the blockchain platform by the end of 2021. That same year, Abu Dhabi became the first jurisdiction in the world to introduce a comprehensive regulatory framework for virtual assets.

Matrix said that it leverages that framework to advance Abu Dhabi as a global leader in blockchain and fintech.

Designed to service both retail and institutional customers alike with its secure and stress-tested platform, the trading platform enables investors across the globe to buy, sell, and hold virtual assets, and offers institutional grade hot and cold storage.

A team of more than 40 technical, operational, regulatory, and legal experts is behind the launch, and Matrix has already partnered with leading global firms, including Nasdaq, Silvergate Bank, Bitgo, Elliptic, and KPMG.

Friction

"The lack of fiat-to-virtual asset on and off ramps have been a major source of friction for investors around the world," says James Wo, Chairman of Matrix and Founder of Digital Finance Group (DFG), which is backing the trading platform.

"We are very pleased to meet the rapidly growing demand for access to fiat currency conversions via virtual asset investments with the launch of Matrix. The UAE has been a trailblazer when it comes to instituting regulations that are favorable to innovation and investment, and we are appreciative for the support of the FSRA in this launch."