Gibraltar Stock Exchange Group deploys Digital Stock Exchange prototype on new blockchain
Tue, 05 Mar 2019, 10:12 am UTC
The Gibraltar Stock Exchange (GSX) Group has announced the successful deployment of a GSX Digital Stock Exchange prototype and a demo bond issuance, on the Securities Trading Asset Classification Settlement (STACS) Network’s Global TestNet.
The STACS Network, a hybrid ledger technology tailored for global digital assets, has been developed by Hashstacs – a joint venture between the GSX Group, Chong Sing Fintech Holdings, and Primelink Technology.
According to the official release, the GSX Prototype has the capacity to launch the bond on STACS, track selling reports, enforce selling and eligibility restrictions, and distribute repayments using smart contracts. GSX said that the demo bond issuance brings it a step closer to its ambition of enabling the issuance, trading, and clearing of digital securities on the blockchain.
“Our vision at GSX has been to revolutionise the current capital markets model by enabling the listing and trading of digital securities,” Nick Cowan, CEO of the GSX and Founder of the GSX Group, said.
“The successful demo bond issuance on STACS brings us closer to achieving our goal, as one of the first movers in this nascent technology.”
Designed for capital markets, the STACS Network is a new generation scalable ledger network layer that seamlessly stacks on top of existing financial institutions and enables the tokenisation of the financial services industry. The Distributed Ledger Technology supports both Unspent Transaction Output (UTXO) and the double-entry accounting method used in finance. In addition, unique customisable consensus logic and innovative node design allow full customisation according to each financial institution’s requirements.
Through this demonstration of the STACS Global TestNet and GSX prototype, Hashstacs has embarked on its pilot deployment phase.
“The successful deployment of the STACS Global TestNet and GSX Prototype on the STACS Network is an important milestone in the finance industry’s journey toward a digital asset era. We are proud to be spearheading this evolution with the STACS Network, alongside many top-tier, forward-looking institutions,” Jay Ng, Managing Director at Hashstacs, said.
GSX said that it plans to develop more features and different classes of digital assets within the GSX prototype over the coming weeks.
<Copyright © TokenPost. All Rights Reserved. >