The crypto-driven company is planning to become the biggest crypto hub in the Carribean.
Susquehanna International Group (SIG), a global quantitative trading and technology organization, has recently announced that it would be expanding its operations to the small island nation of the Bahamas.
According to the official announcement, the Pennsylvania-based financial services company will be opening up an office in the country to transform the firm “into the leading digital asset hub in the Caribbean.”
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Susquehanna, handling millions of transactions on exchanges every day, is a major liquidity provider that plays a significant role in the traditional financial markets across the globe. The firm has been active in the crypto market for nearly 5 years now and is planning to make markets on decentralized finance (DeFi) derivatives platforms in the upcoming future.
Back in May, during the crypto-based SALT conference in the Bahamas, Prime Minister Philip Davis shed some light on the country’s adoption of crypto, noting that it would be welcoming additional global leaders such as SIG to provide more opportunities to its citizens.
It seems as though a number of major companies are setting their sights on the Bahamas, as the island doesn’t impose any corporate taxes and has crypto-friendly regulations. For instance, back in 2019, the crypto exchange FTX moved its headquarters from Hong Kong to the Bahamas as the island managed to build a "comprehensive regulation for cryptocurrencies."
Nicola Massella, head of legal for crypto consultancy Storm Partners, has commented on why crypto-driven companies continue choosing the island as their favorite safehouse. She mentioned that the Bahamas managed to build the “most advanced and comprehensive” crypto legal jurisdictions, allowing huge corporations to operate in one of the most stable places in the industry.