CrossTower, a Jersey City, NJ based cryptocurrency trading platform startup aimed at institutional traders has announced that the Bermuda Monetary Authority (BMA) has granted it a license under the Digital Asset Business Act (DABA).
CrossTower has been provided with a “Class M” license, making it one of the first major cryptocurrency exchanges to receive such a permit from the authority.
Kapil Rathi, CEO of CrossTower stated:
“Following the success we’ve seen in the United States since our launch earlier this year, we felt it was time to expedite our global expans, ion, and Bermuda is the perfect place to do so, given its significance to the digital asset industry. With this new license, we now have the opportunity to expand our reach in this rapidly growing market segment, and we are grateful to the Bermuda Monetary Authority for providing us the tools and support to make that happen.”
In recent years, Bermuda has made a name for itself as a thriving ecosystem for fintech, crypto and blockchain companies. Late last year, the government announced it would be accepting digital currency payments in USD-backed digital currencies issued and custodied by companies licensed by the BMA. Earlier this year the government began a pilot Bermuda dollar stimulus program with another licensed DABA company, highlighting the government’s willingness to work with companies that get licensed to drive adoption and experiment with this new technology.
Bermuda’s DAB license enables CrossTower to now operate in Bermuda as a digital asset exchange and custodial wallet service provider. Licensing CrossTower strengthens Bermuda’s position as an innovative onramp to the global digital economy.
The Hon. David Burt, JP, MP Premier of Bermuda and the youngest national leader in the country’s history, is proud of the country’s status as a thriving jurisdiction for digital assets. “We’re delighted to welcome CrossTower to our growing stable of licensed digital asset businesses. Their pedigree in traditional finance is a hallmark of the growing interest in the future of digital assets technology by traditional players.”
Premier Burt added:
“Bermuda provides a regulatory regime of clarity that was an attractive pairing with CrossTower’s approach to providing robust safeguards and infrastructure to support institutional players. Their choice of Bermuda for their international focus is a testament to our attractiveness as a jurisdiction and of our regulatory regime.”
“The Bermuda Government’s on-boarding concierge service, crypto-friendly regulatory regime and forward-thinking Premier have accelerated the expansion of our global footprint,” said CrossTower Co-Founder and President Kristin Boggiano. “We are grateful for the opportunity to continue to grow and innovate at a pace that matches the surging global appetite for digital asset trading and investing.”
This news follows CrossTower’s recent announcement of its partnership with the Chamber of Digital Commerce, as well as three strategic new hires from crypto and finance heavyweights Kraken, Galaxy and Legg Mason. Today CrossTower supports trading in the most widely traded cryptocurrencies, including Bitcoin, Ether, Litecoin, USDC, Bitcoin Cash, XRP, Stellar and ZCash.
In addition to trading on its platform, CrossTower currently offers margin, interest rate products, lending products and structured products to qualified investors.
CrossTower raised a $6 million financing round earlier this year.