Carey Olsen, a legal financial advising firm, and JTC, a wealth services provider, helped Criptyque in acquiring the license.
This gives the cryptocurrency exchange platform, PryvateX, legal rights to operate in Jersey. JTC’s fintech team worked alongside Carey Olsen to provide entity set up and specialist structuring services. This ensured the acquisition by PryvateX ahead of the launch. PryvateX is opening for registration soon.
PryvateX distinguishes itself from other cryptocurrency exchange platforms by implementing a unique blend of centralized and decentralized exchange systems. A hybrid DEX/CEX system provides speed and eases access of a centralized exchange. These factors along with privacy and ease are rare to find with fully decentralized platforms.
Christopher Griffin (Carey Olsen partner), who leads the digital asset and blockchain team, provided legal and regulatory advice to Criptyque. Griffin assisted by Jersey associate Daniel Burridge handled the founding of PryvateX in Jersey.
“It was a privilege to work with the Criptyque team to help deliver another groundbreaking digital assets business out of Jersey. It is a testament to the flexibility and modernity of the jurisdiction’s robust regulatory framework. These factors attract crypto startups to the island,” Griffin said.
Criptyque unique blockchain Ecosystem
Criptyque have been working on building a unique blockchain ecosystem, which will focus on security and privacy for clients. The platform offers various services to its users, ranging from an encrypted messaging network (voice, text, and email). It also has its crypto wallet and the hyped PryvateX exchange.
Criptyque have also created a new native digital token “PryvateCoin” to partner with the already existing crypto exchange. PryvateCoin, the new digital token, will allow users to keep fees down on the exchange by using it for trade.
Mark Grenyer, (head of funds), assisted by George Kellogg, (director of risk and compliance) are overseeing the launch of PryvateX. After the launching, JTC will continue their involvement by providing a range of compliance, administration and accounting services.
Regarding the proposed launch, Mr. Grenyer said “JTC was delighted to work with the Criptyque team. Carey Olsen will also support the launch of PryvateX from Jersey.” CEO Criptyque, Jonathan Parker-Bray said: “We are thrilled that PryvateX has been granted its Virtual Currency Exchange registration by JFSC.”