DerivaDEX has launched a crypto derivatives platform in Bermuda, securing what it states is the first regulatory license for a DAO-governed decentralized exchange. The platform received a T license from the Bermuda Monetary Authority, enabling it to offer crypto perpetual swaps to select advanced retail and institutional participants.
The T license allows digital asset businesses to test proof-of-concept operations. Initially, DerivaDEX will support major crypto perpetual products, with plans to expand into prediction markets and traditional securities. The exchange utilizes a hybrid model, combining off-chain order matching with on-chain settlement to Ethereum, while ensuring users maintain non-custodial control of their funds.
Developed by DEXLabs, the platform incorporates encrypted order handling and trusted execution environments to combat front-running and market manipulation. A decentralized autonomous organization (DAO) governs the exchange, allowing token holders to collectively make decisions via smart contracts.
This development occurs as traditional asset managers increasingly engage with decentralized finance. BlackRock recently made its tokenized US Treasury product available on Uniswap, and Apollo Global Management is acquiring governance tokens for the decentralized finance protocol Morpho to support its lending infrastructure.