The Gibraltar Stock Exchange, or ‘GSX’, has recently announced a new project in their endeavour to develop blockchain within finance. This project will be a joint venture, with the GSX working alongside Chong Sing FinTech Holdings, and Prime FinTech.
Their partnership will be known as Hashstacs Inc., and will contribute towards the development of the GSX ‘STACS’ protocol, as well as a services such as the Hashstacs Enterprise Wallet.
Hashstacs Enterprise Wallet
Oft viewed as a major issue within the world of blockchain is the current lack of custody solutions. Although there are various forms of storage available to the everyday trader, very little exists in the way of custodial solutions for institutional players.
Recognizing this, one of the first tasks to be completed by Hashstacs Inc., will be to develop the Hashstac Enterprise Wallet. It is intended that this wallet will be not only secure, but scalable, to support the growing needs of the industry. The wallet will employ safety measures such as multi-sig technology.
Short for ‘Securities Trading Asset Classification Settlement, STACS, will be a main focus of Hashstacs Inc. This protocol will eventually be a global blockchain. It will support various functions such as the issuance of digital securities. Furthermore, the platform will not only allow for the trading of these securities, but provide clearing and settling services as well.
The GSX has been busy in recent months. With multiple world-renowned stock exchanges scrambling to develop their blockchain based platforms, they have no intention of being left behind. We have reported in past weeks on other GSX developments pertaining to the world of securities. For the GSX, the race is on.
GSX CEO, Nick Cowan commented on Hashstacs Inc.. He stated, “This joint venture represents a major step forward in realising 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 tokenisation 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.”
Seasoned in the ways of blockchain, Prime FinTech brings their experience within the field to the team. In past years they have successfully helped various companies delve into blockchain and distributed ledger technology.
Chong Sing FinTech Holdings
Chong Sing FinTech Holdings focuses on helping SMEs throughout Asia. They provide assistance to these enterprises through financial services support. This support extends to fields such as blockchain, loans, payments, and more.
While these three companies work together to develop their own suite of products, they indicate their intention to continue development on the GBX Digital Asset Exchange. This, alongside the various platforms in development today, paints a bright future for the integration of blockchain and finance.