New London-based digital assets exchange MAX Markets has made the first steps of its UK regulatory roadmap for market launch, subject to the Financial Conduct Authority approval.
MAX will offer a regulated marketplace to enable the buying and selling of cryptocurrencies, security tokens and other digital assets.
The MAX asset exchange ecosystem will include up to three exchanges in the UK, Switzerland and in Asia, and a guarantee fund, ensuring contract performance, as well as a digital custodian.
According to MAX Markets, a key feature will be access to third-party digital asset exchanges and custodians as well as access to fiat banking using a middleware layer.
Part of the MAX team includes Hirander Misra, deputy chair, and Scott Riley, chief post-trade officer, who were both previously co-founders of Chi-X Europe, and Tony Harrop, director of technology, who was formerly chief technology officer at PLUS Markets Group (now NEX Exchange).
Riley said: “Participants want access and product, customers want certainty and recourse and we’re just giving them the technology and governance to achieve that for this new asset class in a framework they are familiar with.”
MAX’s non-executive directors include Iain Saville, an expert in securities and settlement, who has been appointed as chair; director John Holland, chairperson of KCG Europe and previously UBS Investment Bank board member; and director June Aitken, an experienced non-executive director and ex-HSBC and UBS senior executive, with a background in global equities and emerging markets.
Founding shareholders in the company include GMEX Holdings Limited, part of GMEX Group, who will supply its globally established GMEX Fusion technology platform, as well as DAG Global, who aims to deliver merchant banking services in the UK to SMEs and digital firms.
Misra commented: “The team behind MAX is exceptional and the expertise they bring in the banking, exchange and regulatory space alongside digital assets expertise coupled with strong partnerships will place MAX at the forefront of the market.”
Sean Kiernan, founder and CEO of DAG Global, cited: “DAG is excited to be part of this new venture and bring its network and associated business opportunities to the platform. We will also look to expand MAX’s solutions to include the addition of merchant banking services in the future.”
Elsewhere, Eterna Borderless Venture Studio, an initiative run by companies in the blockchain industry to support the growth of the Algorand ecosystem, also revealed that MAX has been chosen to receive support, mentorship, training and funding to build on the Algorand platform.
