Gibraltar Stock Exchange, 2 Asian Firms Create Joint Venture to Lead Security Token Adoption
Gibraltar Stock Exchange is creating a partnership with two Asian firms to create a joint venture that will help it be at the forefront of the security token industry.
The Gibraltar Stock Exchange (GSX) Group announced on Wednesday a joint venture with Chong Sing Fintech Holdings Limited, a company listed on the Hong Kong stock exchange, and Prime Fintech, a blockchain-oriented firm. Hashstacs Inc, as the new venture is called, will provide blockchain assistance.
Hashstacs will work on the GSX’s latest project, the Securities Trading Asset Classification Settlement (STACS) Protocol. The latter is expected to play a key role in GSX’s plans to lead blockchain adoption by supporting the development of a public/permissioned blockchain network to handle the issuance, trading, clearing and settlement of digital securities, which also include security tokens.
Other GSX initiatives that will fall under Hashstacs’s responsibility are the creation of a new exchange trading platform under the GSX, called Hashstacs Trading Platform, the further development of GBX Digital Asset Exchange, and the creation of the Hashstacs Enterprise Wallet, which represents a multi-signature hardware wallet that is expected to improve cryptocurrency custody.
GSX Group CEO Nick Cowan commented:
“This joint venture represents a major step forward in realizing the GSX Group’s vision to build a trusted global financial services group for the new digital era, facilitating more efficient scaling and deployment of solutions as we see the tokenization of financial markets develop. 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 meant to revolutionize the capital markets by implementing distributed ledger technology (DLT). The protocol aims to attract stock exchanges, broker and dealers, investment banks, and other financial institutions to join as partners and is expected to have a positive impact on both digital security issuers and investors.
“The GSX Group was an early supporter of the potential of DLT to provide issuers and investors with the ability to list and trade tokenized securities. Now the STACS Protocol is a significant development for the wider blockchain ecosystem, supporting the issuance, trading and settling of digital securities.”
The GSX Group is a Gibraltar-based company that is the parent of the Gibraltar Stock Exchange (GSX), Gibraltar Blockchain Exchange (GBX), Blockchain Innovation Centre (BIC), and Juno Services.