CrossTower, a new exchange operator, has been granted a license by the Bermuda Monetary Authority under the Digital Asset Business Act.

The company has a Class M licence, making it one of the first major cryptocurrency exchanges to receive such a permit from the BMA.

Kapil Rathi, chief executive officer of CrossTower, said: “Following the success we’ve seen in the United States since our launch earlier this year, we felt it was time to expedite our global expansion, and Bermuda is the perfect place to do so, given its significance to the digital asset industry.

“With this new licence, we now have the opportunity to expand our reach in this rapidly growing market segment, and we are grateful to the Bermuda Monetary Authority for providing us the tools and support to make that happen.”

Bermuda’s DAB licence enables CrossTower to now operate in Bermuda as a digital asset exchange and custodial wallet service provider.

David Burt, the Premier, said: “We’re delighted to welcome CrossTower to our growing stable of licensed digital asset businesses. Their pedigree in traditional finance is a hallmark of the growing interest in the future of digital assets technology by traditional players.”

He added: “Bermuda provides a regulatory regime of clarity that was an attractive pairing with CrossTower’s approach to providing robust safeguards and infrastructure to support institutional players. Their choice of Bermuda for their international focus is a testament to our attractiveness as a jurisdiction and of our regulatory regime.”

Kristin Boggiano, co-founder and president of CrossTower, said: “The Bermuda Government’s onboarding concierge service, crypto-friendly regulatory regime and forward-thinking Premier have accelerated the expansion of our global footprint. We are grateful for the opportunity to continue to grow and innovate at a pace that matches the surging global appetite for digital asset trading and investing.”

CrossTower recently announced of its partnership with the Chamber of Digital Commerce, as well as three strategic new hires from crypto and finance firms Kraken, Galaxy and Legg Mason.

The company supports trading in the most widely traded cryptocurrencies, including Bitcoin, Ether, Litecoin, USDC, Bitcoin Cash, XRP, Stellar and ZCash.

In addition to trading on its platform, CrossTower currently offers margin, interest rate products, lending products and structured products to qualified investors.

CrossTower has a website at www.crosstower.com