Brokerage group Deriv announced on Tuesday that it has opened a new office in Cyprus.

The new office – the broker’s second on the island – is in the Asteroid building in Nicosia, the Cypriot capital.

Deriv already has an office in Cyprus but it is in Limassol, where most brokers on the island have their headquarters.

“Cyprus is pivotal to the online trading industry,” said Deriv Co-CEO Rakshit Choudhary. “Nicosia is a good choice due to its solid reputation as a thriving hub for research and tech. Our investment here not only strengthens our operational framework but also allows us to tap into the vibrant ecosystem that Cyprus has cultivated”.

In a statement, Deriv said that the new office is part of a wider expansionary effort and a move, on Deriv’s part, towards being something more like a technology company.

The firm said that it is looking to hire people across trading analyst roles, as well as in a range of software engineer roles.

Deriv is already, by headcount, one of the largest companies in the industry. The firm currently has 20 offices globally and more than 1,400 staff, with locations including Malaysia, Singapore, the UAE, and the UK.

“This expansion seeks to attract forward-seeking minds who are not only looking for career opportunities but to accelerate their professional growth through the dynamic roles,” said Andreas Potamitis, Head of Deriv’s Nicosia Office. “Deriv offers extensive opportunities for professionals to work on AI-powered trading solutions, advanced platforms and sophisticated projects, all without the need for lengthy commutes.”