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Koine secures in-principal approval in the UAE as institutional custody and settlement platform goes from strength to strength


Koine is pleased to announce that it has been awarded in-principle approval (IPA) to provide custody in relation to Virtual Assets in the Abu Dhabi Global Market (ADGM). The IPA was granted by the Financial Services Regulatory Authority (FSRA) of ADGM.



With a growing demand for institutional investment in virtual assets with the emerging growth of institutional investors in digital securities, Koine's regulated services will meet the needs of both Koine customers, as well as the broader digital asset community.

Koine’s post-trade solution was created in order to provide the most secure, easy to use Institutional custody, settlement and related cash management service for the new generation of digitised assets. Critically eliminating counter-party, credit and insolvency risks in a compliant framework with a strong governance environment. It also allows Institutional Capital the ability to invest in digital assets without any change to conventional fund mandates.

The design that Koine utilises, allows for any potential failure of an exchange/venue leaving client assets fully intact and available for use. The Koine platform allows for assets & fiat currency to be moved in sub-second timeframes between market venues allowing for settlement in real-time using Delivery vs. Payment (DvP) and at fixed prices which are known in advance. Humans intervention is removed from the standard post-trade process reducing security risks.

Additionally, Koine ensure that the average value of funds held in hot wallets is nil. Value at Risk is properly insured. The platform is also suitable for Market Makers and Algorithmic Traders.

Leading the Koine team as CEO and Chairman is Hugh L. Hughes, ex-CEO of Société Générale Securities and co-founder of Fixnetix, the market data and electronic trading platform later bought by DXC Technology.

Hugh Hughes, Chairman and CEO at Koine, said: “The Koine model has always been one built upon the fundamental importance of good governance. This is the only way to attract institutional capital into the digital asset market, unlocking the huge, industry wide benefits that come with it. Delivering best practice and regulatory compliance for our institutional clients is something we take very seriously. Not only does this latest In-Principal Approval from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) further strengthen Koine’s global footprint, but also serves to reaffirm our belief in robust regulation.

“We look forward to future constructive dialogue with regulators and institutions in the UAE and around the world, in line with our focus of putting the client’s needs for regulatory oversight at front of mind. Following this further vote of confidence in our model, we are sure this will give our clients even greater reassurance when looking to move into one of the most vibrant sectors of the financial ecosystem.”

Dominic Longman, CEO, Koine, Middle East, said “I am extremely excited to be returning to Abu Dhabi with Koine, to build out this key financial infrastructure that can support not just those first virtual assets but all asset classes as they move to tokenised/blockchain technology. Koine begins to answer the question “How to mitigate the geo-political risks of the current financial infrastructure” and allows for greater control and visibility of assets by their true owners and we look forward to playing a role in Abu Dhabi’s great vision for 2030”

Abdulla Al Mansoori, Chairman Designate, Koine, Middle East stated "The in-principle approval (IPA) from the Abu Dhabi Global Market is an important milestone in our efforts to be a leading enabler of the digitally-enabled market infrastructure and rapidly growing digital transformation process in the region. Our capital market expertise, innovation and deep understanding of customer needs places us in a unique position to be the premier provider of custody and settlement services for the institutional market participants seeking to take advantage of the growing digital assets revolution"

About Koine
Founded in 2017, Koine offers segregated, institutional custody and settlement of digital assets, providing a transformative security model, eliminating settlement and counterparty risks. For the first time Koine brings together the full suite of governance, compliance, risk management and audit of real-time asset trading to the digital ecosystem; its institutional clients can engage with digital assets whilst fully adhering to regulated market practices.

Koine’s executive team is made up of experienced banking, capital markets and payments professionals; industry stalwarts who understand the need for an interoperable custody and settlement platform that significantly reduces counterparty and settlement risks for trading.

The Koine state-of-the-art platform has been engineered to provide clients with the tools to manage their assets in a low latency, high-volume environment and benefit from increased security, agility and efficiency.

Koine delivers secure digital vaults to the same technical standard as the very best digital cold stores (FIPS 140-2/3) using its Digital AirlockTM technology. This new approach, complying with the EAL7+ standard, the highest possible, eliminates the need for hot wallets and human participation in post-trade processes whilst enabling clients to retain instant access to their assets.

Koine is authorised as an Electronic Money Institution (“EMI”) by the UK Financial Conduct Authority (“FCA”) for the issuance of electronic money with Firm Reference Number (FRN) 900934. This authorisation is distinct from its specific unregulated financial services offerings in respect of custody and settlement of digital assets and fiat money. It is seeking further appropriate regulatory licenses in trusted jurisdictions with the aim of providing its clientele with the most robustly regulated solution available for digital assets at a global level.

Its ground-up architecture, team, governance and systems make it the solution of choice for the professional trading community, delivering a truly institutional service to support all trading styles, from passive holding to high-frequency trading and offering real-time gross and net settlement options. This means digital trading venues and fund managers are turning to Koine to provide independent, institutional custody and settlement of digital assets.
www.koine.com



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Mercredi 20 Mai 2020
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