Assisting Cor Prime ISAC Ltd. receive Class M digital asset business license in Bermuda

It was a pleasure acting as Bermuda legal counsel to Cor Prime ISAC Ltd. ("Cor Prime"), which received a Class M digital asset business license to enable it to operate a regulated digital assets lending and prime brokerage from within Bermuda. Cor Prime is backed by Deus X Capital, which has US$1 billion in assets under management, including stakes in Galaxy and crypto bank, SEBA.

Cor Prime has been established as an incorporated segregated accounts company under the Incorporated Segregated Accounts Act, 2019 and intends to utilise fully regulated incorporated segregated accounts to provide collateralised digital assets loans to institutional customers. Cor Prime is developing a sophisticated and differentiated risk paradigm that integrates qualitative business intelligence, advanced quantitative modelling, as well as AI capabilities from Deus X Ventures company APEX:E3. This allows for a real-time understanding of market and emerging risks, enabling pre-emptive actions to safeguard client capital.

Tim Bevan, CEO of Cor Prime stated: “We are excited to have reached this milestone with the BMA as we crystallize our vision to act as the trusted bridge between traditional and digital markets. The experience and pedigree of the Bermuda regulator, combined with structures already battle tested by the reinsurance industry, give us unique capabilities as we go to market. We look forward to charting the path forward with continued support from the Walkers team".

Natalie Neto, partner in our Bermuda office stated "We have thoroughly enjoyed partnering with the team of seasoned professionals at Cor Prime on this first of a kind licensing structure and for Walkers to be in a position to provide the full spectrum of legal support across all areas of corporate, debt finance, risk and regulatory compliance and digital assets expertise. We wish Deus X and Cor Prime continued success as they expand globally to meet market demand for quality risk capital and investment opportunities".

Our team comprised partners Natalie Neto, Leonie Tear, Adam Bathgate and Rachel Nightingale with associates Kinika Armstrong and Amelia Oatley.