Dubai-based FinTech firm iBLOXX was granted a license for proprietary trading in cryptocurrency commodities by the Dubai Multi Commodities Center (DMCC), according to a press statement released on Wednesday.
iBLOXX develops models based on artificial intelligence (AI) and machine learning (ML) algorithms for a variety of instruments, including crypto commodity markets.
“This license will allow us to merge our expertise from the traditional financial markets with the crypto DeFi ecosystem,” said iBloxx’s CEO Domenik Maier.
“Our fully automated algorithms are designed to maximize profit margins and minimize execution risk in a sub-zero milliseconds timescale through multi-asset, market-wide connectivity and on-chain smart contracts across major blockchains,” Maier said.
DMCC has been active for crypto and Blockchain ecosystem since the launch of its crypto centre this year and it has already added 130 crypto companies to its ecosystem since its launch.
Dubai has experienced a boost in crypto and blockchain activity recently, and the Dubai World Trade Centre (DWTC) will become a crypto zone and regulator for cryptocurrencies and other virtual assets, the Dubai Media Office said on Monday,.
The move by the DWTC to create a specialized zone for virtual assets – including digital assets, products, operators and exchanges – is part of a drive by Dubai, one of the United Arab Emirates federation of seven emirates, to create new economic sectors, the statement said.
iBLOXX operates in the algorithmic trading of equities, fixed income securities, commodities, FX and crypto commodities. Headquartered in Dubai, United Arab Emirates, it brings 20 years of experience and a proven track record in the global capital markets, according to the release.