Crypto Custodian And Vault Services Added To GMEX Fusion Product Suitebr>
Trading and post-trade technology vendor GMEX has added two new crypto-related products to its Fusion technology suite.
Based in London, GMEX is offering consulting and technology services as well as derivatives exchanges. The group includes Forum Trading Solutions and GMEX Technologies. Last year, the company partnered with cryptocurrency firm ThinkCoin to launched GMEX Fusion, which provides digitally enabled hybrid trading and post-trade solutions for exchanges, clearing-houses, and central securities depositories (CSD).
The two new products – ForumCustody and ForumWallet – has been added to GMEX Fusion to provide digital custodian services to high volume digital asset holders. The ForumCustody system manages internal balances and locks withdrawal requests until confirmed. It can also handle multiple types of cryptocurrencies, including security tokens, with inter-bank message flows to facilitate settlement downstream and upstream messaging to the exchange. Custodians and exchanges will be able to independently utilize the system using a direct blockchain adaptor interface that allows connectivity between different nodes.
The ForumWallet is a digital vault solution for secure wallet management that is integrated with ForumCustody. Exchanges and third-party custodians can use the ForumWallet by linking the solution to their internal crypto and digital asset storage. GMEX said that all wallets are created automatically and managed by the ForumWallet subsystem. Wallet keys and key backups are stored with strong encryption, including configurable periodic key rotation.
The two new products will also allow clients to tokenize existing securities and assets, as well as facilitate deposits into internal hot, warm and cold storage wallets, with trading and withdrawals into external wallets as required.
“We are delighted to extend GMEX Fusion to provide the digital custodian product suite, which satisfies the growing demands for digitally enabled market infrastructure,” said Hirander Misra, CEO of GMEX Group and Chairman GMEX Technologies.
“This extension is part of the full GMEX Fusion hybrid exchange trading and post trade product suite that addresses the increasing need for centralised and distributed technology to be implemented together,” added Tony Harrop, CEO of GMEX Technologies.