A Growing Group
In a positive bit of news, the SECDEX group has announced, today, that they have welcomed a new addition to their ranks – SECDEX Digital Custodian (SDC).
With this addition, the SECDEX Group indicates that, as a whole, it can now offer the following services:
- Regulated Exchange
- Clearing House
- Securities Depository
- Digital Custodian
- Digital Marketplace
A Hot Start
As the SDC goes live, it looks to compliment services offered by the group’s exchange. Notably, the SDC is off to a hot start. The custodial service already safeguards over $544 million USD in tokenized assets.
Services offered by SDC are expected to be available to, not only institutional, but private clients, as well. Regardless of the clientele, all will benefit from comprehensive custody services, including escrow, transfers, and more.
Hirander Misra, CEO of SECDEX Group, stated,
“We are delighted that SECDEX Digital Custodian is now live and has been granted the first Sandbox regulatory approved by the FSA…There is immense interest in the regulated SECDEX ecosystem from issuers, investors, traders and asset holders, as their need for exposure to digital assets in addition to traditional asset classes continues to grow, and we are pleased to welcome our new clients.”
As a digital custodian, the SDC will provide a safe home for a variety of assets. These include not only traditional cryptocurrencies, such as Bitcoin, but digital securities as well.
Jessica T.Naga, Legal & Compliance Director at SECDEX Group, stated,
“Operating as a regulated entity in the FSA Sandbox enables SECDEX Digital Custodian to provide our digital custody solutions across borders, whilst ensuring compliance with stringent regulatory criteria…The fact that the FSA Sandbox is part of the Global Financial Innovation Network (GFIN), which consists of over 50 financial regulators and related organisations, is a major advantage for firms like us to offer innovative financial products and services in multiple jurisdictions.”
The launch of the SDC was made possible through its recent entrance into a regulated sandbox, orchestrated by the Seychelles Financial Services Authority.
Dr. Steve Fanny, CEO of the Seychelles Financial Services Authority, took the time to comment on SDC and the role of their sandbox.
“The FSA is pleased that SECDEX Digital Custodian is now authorised in our Sandbox, which provides a regulated environment within which Seychelles-registered companies carrying out FinTech-related financial services within the securities industry can operate…The Sandbox is instrumental in our strategy of moving the non-bank financial services of Seychelles to the next level, as it will not only attract higher value-added products and services to our financial services sector, but will also demonstrate that the jurisdiction is modern and forward-looking.”
Short for ‘SEcurities Commodities & Derivatives EXchange’, the SECDEX operates out of the island nation of Seychelles. This group works to develop and offer services surrounding digital assets, such as security tokens.
CEO, Hirander Misra, currently oversees company operations.
In Other News
Underpinning each of the aforementioned services is a technology suite, provided by GMEX Fusion. We recently took a look at another project being helped along by GMEX – Tokenise Stock Exchange. Make sure to peruse the following article to learn more.