Global crypto finance firm XBTO International (XBTOI) has gained legal status in Bermuda. XBTOI acquired a Bermuda Monetary Authority License under the island’s 2018 Digital Asset Business Act according to a statement.
Moving to Bermuda in April 2018, XBTOI is the third firm to receive a license from the regulator to date.
Per its domain, XBTOI operates on multiple finance fronts including over the counter desk trading, consulting, asset management, and VC work. The firm is looking to capitalize on the licensing with new product rollouts concerning digital asset solutions.
Solutions, it said, that were not available in other countries.
Commenting on the announcement, Chief Operating Officer Julien Auchecorne pointed out the importance of growing within Bermuda’s friendly regulatory environment:
XBTO first launched in 2015 under the name XBT, a play on the original bitcoin ticker symbol. The firm maintains offices in Paris and New York.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.