Gibraltar Stock Exchange announces fintech joint venture

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Gibraltar Stock Exchange announces fintech joint venture

The Gibraltar Stock Exchange (GSX) today announced a joint venture with the Hong Kong publicly listed company Chong Sing Fintech Holdings Limited and blockchain development company Prime Fintech Co. Ltd. to establish the group Hashstacs.

“This joint venture represents a major step forward in realising the GSX vision to build a trusted global financial services group for the new digital era, facilitating more efficient scaling and deployment of solutions as the tokenisation of financial markets develops,” said Nick Cowan, managing director and founder of GSX Limited.

As part of the collaboration, Hashstacs Inc. will be developing the Securities Trading Asset Classification Settlement (STACS) Protocol, a unique public/permissioned hybrid global blockchain that will support the issuance, trading, clearing and settling of digital securities.

Additional projects on the STACS Protocol will include the building of a new exchange trading platform for the GSX, further development of the Gibraltar Blockchain Exchange trading platform, and creation of the Hashstacs Enterprise Wallet, a secure and scalable multi-signature cold hardware storage solution that will enhance the field of digital assets custody.

The STACS Protocol is designed to radically transform the capital markets with Distributed Ledger Technology (DLT) while enforcing the best standards accepted by regulators in an open, transparent, and inclusive environment. The protocol is geared towards encouraging all stock exchanges, investment banks, brokers and dealers, and other qualified financial institutions to join for free as verified partners, while providing advantages to both issuers and investors globally.

“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. 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,” concluded Cowan.

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Christopher Copper-Ind

Christopher Copper-Ind is editor-in-chief of International Investment. Before this, he was editorial director of The Business Year, from 2014 to 2017.

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