Gibraltar Stock Exchange (GSX) Group announced on 05 April about its strategic partnership with Singapore-headquartered STO Global-X towards tokenised securities.
GSX commenced by conveying that it was enabling this venture through its fin-tech subsidiary Hashstacs Inc. Broadly this embrace marks the beginning of collaborations and an offer towards integrated Tokenised Securities Exchange solution. The announcement was timed against the Hong Kong Blockchain Week where many institutions put forth digital asset services.
Nick Cowan, Chief Executive Officer of the GSX Group cited –
“As interest in tokenised securities continues to grow globally, we are glad to partner with STO Global-X to create and offer institutions a powerful technology platform to issue, manage & trade securities on DLT. We view this as the bedrock towards supporting other traditional financial functions in the areas of treasury, wrapped products and more.”
The ready to use solution dubbed ‘DLT Exchange-in-a-Box’ would enable Stock Exchanges, Investment Banks, Brokers or Dealers and qualified financial institutions to instantly avail the tokenisation of assets. There would also be a provision for seamless trading, clearing and settling of digital securities.
GSX commented on some technical aspects of the partnership. The collaboration would integrate STO Global-X’s tokenisation platform and exchange technology with Hashstacs’ Securities Asset Trading Classification Settlement (STACS) Network. The solution would foster a multi-factor authentication and military-grade encryption.
GSX further expressed that the takeaway was designed to transform capital markets with Distributed Ledger Technology (DLT). The underlying STACS Network would support the issuance, trading, clearing and settling of digital securities while adhering to the best standards. The system would be accepted by regulators in an open and transparent environment.
Floyd DCosta, Chief Executive Officer at STO Global-X added that security token exchanges would revolutionize the capital markets world. He expressed eagerness to work with institutions like the GSX Group to build the necessary infrastructure.
In January, Hydra X, a Singapore-based fintech firm entered into discussions with Gibraltar Blockchain Exchange (GBX), and Gibraltar Stock Exchange, an exchange for funds. These discussions were aimed to leverage Hydra’s Sigma platform.
GSX concluded by noting its key industry engagements and that of STO Global-X. The GSX Group includes the Gibraltar Stock Exchange, Gibraltar Blockchain Exchange, Hashstacs Inc, Juno Services and the Blockchain Innovation Centre (BIC). The Group’s host of companies aims to establish a new era of blockchain powered finance. STO Global-X offers an integrated institutional-grade securities tokenisation platform and digital asset exchange.