Gibraltar Stock Exchange Teams With Asian FinTech Firms To Develop New Blockchain Asset Trading Protocolbr>
The Gibraltar Stock Exchange (GSX), in collaboration with top Asian FinTech firms, has created a new company that will facilitate deployment of blockchain solutions as the tokenization of financial markets develops.
In its announcement, the GSX said that it partnered with Hong Kong publicly listed company Chong Sing FinTech Holdings Limited and blockchain development firm Prime Fintech Co. to establish Hashstacs Inc, which will be developing the GSX Group’s latest initiative, the Securities Trading Asset Classification Settlement (STACS) Protocol.
“This joint venture represents a major step forward in realizing the GSX vision to build a trusted global financial services group for the new digital era,” said Nick Cowan, Managing Director and Founder of GSX Limited. “I’m very excited to work alongside the esteemed teams at Chong Sing Fintech and Prime Fintech Co. Ltd. as we collectively strive for blockchain development excellence.”
The STACS Protocol is a public/permissioned hybrid global blockchain that will support the issuance, trading, clearing and settling of digital securities. It is designed to radically transform the capital markets with blockchain technology while enforcing the best standards accepted by regulators in an open, transparent, and inclusive environment.
The protocols projects include the development of a new exchange trading platform for the GSX and further development of the Gibraltar Blockchain Exchange (GBX) trading platform. Hashstacs will aslo be developing a secure and scalable multi-signature enterprise crypto wallet.
“The GSX Group was an early supporter of the potential of DLT to provide issuers and investors with the ability to list and trade tokenised securities,” said Cowan. “Now the STACS Protocol is a significant development for the wider blockchain ecosystem, supporting the issuance, trading and settling of digital securities. We encourage other institutions to capitalise on this opportunity and join the network of Verified Partners that we are already building to provide their services using the STACS Protocol.”