The Gibraltar Stock Exchange (GSX) has announced a joint venture with the Hong Kong publicly listed firm Chong Sing Fintech Holdings Limited and blockchain development company Prime Fintech Co. Ltd. to form financial services group Hashstacs Inc.
Gibraltar Stock Exchange founder and managing director Nick Cowan said in a press release CoinReport received from Wachsman, GSX’s communications agency, “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. 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.”
Hashstacs will be building the Securities Trading Asset Classification Settlement (STACS) Protocol, a one-of-a-kind public/permissioned hybrid worldwide blockchain that will offer the issuance, trading, clearing and settling of digital securities.
Among other projects on the STACS Protocol will be a new exchange trading platform for the GSX, GSX subsidiary the Gibraltar Blockchain Exchange (GBX) trading platform’s further development, and secure and scalable multisig cold hardware storage solution the Hashstacs Enterprise Wallet’s creation. The wallet is aimed at enhancing the field of digital assets custody.
The STACS Protocol will fundamentally enhance the capital markets with distributed ledger technology (DLT) while implementing the best standards accepted by regulators in an open, transparent and inclusive environment. Fixated on supporting all stock exchanges, brokers and dealers, investment banks and additional qualified financial institutions to sign up for free as verified partners, the protocol will be offering advantages to both investors and issuers the world over.
Cowan added, “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.”