GMEX and Arshad Khan set up crypto asset exchange and custodian
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GMEX and Arshad Khan set up crypto asset exchange and custodian 10 June 2019Abu Dhabi Reporter: Jenna Lomax
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GMEX Group (GMEX) and Arshad Khan have set up a joint venture, Arabian Bourse (ABX), a fully-regulated crypto asset exchange and custodian.
Based in the United Arab Emirates and set up under Abu Dhabi Global Market (ADGM), ABX is to build a fully integrated ecosystem to become the preferred venue for crypto assets listing, trading and settlement with associated digital custody, depository and data services.
Bringing together crypto asset holders, blockchain technology opportunities and related strategic investments, the ABX ecosystem will act as a bridge, aggregating the Middle East and Northern Africa digital assets activity with other digital asset centres around the world.
As part of the joint venture, ABX will implement the GMEX Fusion hybrid centralised and blockchain distributed ledger technology suite.
Arshad Khan, co-founder and CEO of ABX, said: “The last few years have seen remarkable growth in the largely unregulated digital-assets market. ABX will address this issue by offering a fully regulated, robust and transparent eco-system.”
Hirander Misra, chairman and CEO at GMEX Group and vice chairman at Arabian Bourse, commented: “By bringing together proven market expertise and technology with a deep understanding of the exchange landscape in the Middle East, our partnership approach has ensured we can deliver an innovative market infrastructure solution in a highly credible regulated environment.”
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