21 October 2020

Carey Olsen and Cavendish advise Radix on launch of its DeFi utility token

Carey Olsen and Cavendish Fiduciary have recently advised Radix on the launch of its utility token in Jersey.

Radix is a decentralised finance platform (or 'DeFi' as it is commonly known), allowing users to transact with each other over a fast, secure blockchain-based platform without the need for any 'middle man'.

Tokenholders will be able to use the tokens to pay transaction fees and/or to participate in the platform's 'proof of stake' consensus mechanism to validate transactions.

Piers Ridyard, the CEO of Radix, said: "Jersey is the perfect jurisdiction from which to launch our token because of the Jersey Financial Services Commission's pragmatic approach to token launches and the island's strong reputation as a financial services jurisdiction."

Lindsay Bracegirdle of Cavendish added: "Cavendish was pleased to partner with Carey Olsen and Radix in this exciting new DeFi.  We were delighted with the pragmatic, prompt and collaborative approach of the Jersey Financial Services Commission to the authorisation process."

Partner Chris Griffin led the Carey Olsen team and was assisted by associates Filip Kwilinski and Daniel Burridge.