It was recently announced that Hashstac will be seeing their ‘Securities Trading Asset Classification Settlement’ protocol, aka ‘STACS’, adopted by STO Global-X.
Through this integration, STO Global-X will be able to expand their developing, all-in-one, platform to include clearing and settlement services – among other capabilities.
This partnership is beneficial to both companies, as Hashstacs strives for industry adoption of their STACS solution, while STO Global-X becomes better-rounded through increased capabilities.
In their press release, the CEOs of both, STO Global-X and the GSX Group, took the time to comment on the development discussed here today.
Nick Cowan, CEO of the GSX Group, stated,
“As interest in tokenized securities continues to grow globally, we are glad to partner with STO Global-X to create and offer institutions a powerful technology platform to issue, manage & trade securities on DLT. We view this as the bedrock towards supporting other traditional financial functions in the areas of treasury, wrapped products and more.”
Floyd DCosta, CEO of STO Global-X, stated,
“Operating at the junction of traditional finance and innovative financial technologies, security token exchanges will radically transform the capital markets world. We are eager to work with institutions like the GSX Group to build the necessary infrastructure and lead in this new digital tokenised securities paradigm.”
Gibraltar Stock Exchange
The GSX is a leader in the rapidly growing digital securities sector. They are a respected exchange that operates within a blockchain friendly government. Taking advantage of this, they have been able to develop various solutions, geared towards the industry in the past year.
One such example is the creation of a GSX Group subsidiary, Hashstac.
Hashstac is a Singaporean based company that was formed in 2018 through the efforts of GSX, Prime FinTech, and Chong Sing FinTech.
The company acts primarily as a blockchain development company, offering solutions such as their ‘STACS’ protocol. This is a to-be global blockchain, supporting the issuance, clearing, and settlement of digital securities.
Based out of Singapore, STO Global-X was founded in 2018. The company successfully launched its flagship product, STO Global Exchange, in Q4 of 2018. This is a global product, offering a comprehensive platform for exchanging digital securities.
Company operations are overseen by CEO, Floyd DCosta.
In Other News
Each of the companies discussed here today have graced our headlines in recent months. Between company expansion, strategic partnerships, and platform launches, this trio has been busy at work. Here are a few articles detailing recent events pertaining to each.