Carey Olsen and JTC have assisted secure mobile communications provider Criptyque in obtaining a Jersey virtual currency exchange licence to operate its cryptocurrency exchange platform, PryvateX, which opens for registration soon.
The team behind Criptyque is building a secure and private ecosystem and, in addition to PryvateX, offers an encrypted messaging platform (voice, text and email) and a hardened cryptocurrency wallet. Designed to work with PryvateX, Criptyque has also developed PryvateCoin, which is designed to facilitate trades on the exchange and keep down fees.
Carey Olsen Partner Christopher Griffin (pictured), who leads the digital assets and blockchain team at Carey Olsen, provided legal and regulatory advice to Criptyque on the founding of PryvateX in Jersey, assisted by Associate Daniel Burridge.
JTC's fintech team provided set-up and specialist structuring services ahead of the launch of PryvateX. Head of Funds Mark Grenyer led the team, supported by George Kellogg, Director of Risk and Compliance.
Once the exchange is live, JTC will provide compliance, administration and accounting services.