Bermudian-based digital asset trading company XBTO International Ltd (Bermuda) has become the third firm to be granted a licence under the island’s Digital Asset Business Act.

XBTOI, a licensee of XBTO Group, is a digital asset provider offering best-in-class market making products through superior proprietary technology and connectivity, the company said, adding that this licence allows XBTOI to roll-out a variety of next generation, innovative digital asset solutions, and cements its leadership role across crypto finance.

Julien Auchecorne, chief operating officer of XBTOI, said: “This is a significant development for our business in Bermuda and across the global trading landscape. We are engaged in many exciting projects and are proud to showcase Bermuda’s growing status as a leading offshore digital asset hub.

“Our local commitment extends beyond our own office presence and working relationships with service providers on the island. We presently have a mandate to expand our office following our licence obtention and remain committed to collaborating with all Bermudian stakeholders to explore how we can educate the island on the digital assets industry.”

David Burt, the Premier, said: “I am exceptionally pleased that XBTO International has been granted a digital asset business licence by the Bermuda Monetary Authority.

“XBTO represents a company with solid financial services pedigree that has seen the opportunity and potential offered by the digitisation of finance. XBTO was one of the earliest fintech companies to choose Bermuda as its domicile for its international operations and has been a welcomed proponent and evangelist for the regulatory clarity that Bermuda has developed with our regulatory framework,”

Mr Burt added: “We appreciate their collaboration, feedback and insights as we strive to deepen and diversify our footprint in the fintech industry. We look forward to building upon our relationships with key players like XBTO as we continue to play a constructive role in the further development of this rapidly evolving industry.”

Steven Rees Davies, lead partner at XBTOI’s legal counsel, Appleby (Bermuda) Ltd, said: “We congratulate Julien and the team at XBTOI on this well-deserved achievement. The receipt of a digital asset business licence from the BMA is testament to the standards by which XBTOI operates globally and sets them apart from others in this highly competitive sector.”

Present in Bermuda since January 2018, XBTOI is a proprietary digital asset trading firm transacting globally. The company says it provides counterparties with best-in-class solutions and strategies through superior proprietary technology, risk management and relationships with key market participants.