Hirander Misra, Chairman & CEO, GMEX Group

GMEX Group (GMEX), digital business and technology solutions for exchange and post-trade operators announced the creation of their joint venture Arabian Bourse (ABX), set up under Abu Dhabi Global Market (ADGM) which aims to be a fully regulated, first of its kind crypto asset exchange and custodian initiative; that focuses on global institutional and retail traders.

ABX will be implemented via GMEX Fusion hybrid centralised and blockchain ledger technology suite. Abu Dhabi has a growing cryptocurrency asset industry and has been chosen as ABX’s headquarters.

Arshad Khan, Co-founder and CEO of Arabian Bourse said “The last few years have seen remarkable growth in the largely unregulated digital-assets market. ABX will address this issue by offering a fully regulated, robust and transparent eco-system. Receiving in-principal regulatory approval for ABX from the Financial Services Regulatory Authority of Abu Dhabi Global Market is a key milestone in the establishment of the new crypto asset exchange and custodian.”

Bringing together crypto asset holders, blockchain technology opportunities and related strategic investments, the ABX ecosystem will ultimately act as a bridge, aggregating the Middle East and Northern Africa (MENA) digital assets activity with other major digital asset centres around the world. ABX aims to achieve the objective of establishing a seamless, secure and liquid digital assets eco-system in the region.

Hirander Misra, Chairman & CEO at GMEX Group and Vice Chairman at Arabian Bourse, commented: “By bringing together proven market expertise and technology with a deep understanding of the exchange landscape in the Middle East, our partnership approach has ensured we can deliver an innovative market infrastructure solution in a highly credible regulated environment.” Adding “we look forward to obtaining the final licences to launch the digital exchange and custodian.”

by Megha Bhattacharya
Market Analyst at IBS Intelligence