‘Hashstacs Inc.’ to Develop New Blockchain Protocol to Support Issuance, Trading, and Clearing and Settling of Digital Securities
The Gibraltar Stock Exchange (GSX), geared towards establishing a trusted financial services group for the new digital era, 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 Inc..
“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,” said Nick Cowan, Managing Director and Founder of GSX Limited.
The Asia-Pacific region has seen significant growth in the blockchain based economy thanks to the increasing number of investments in blockchain-related companies, a report by Global Market Insights found that the market will likely hit USD $16 billion by 2024.
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 (GBX) trading platform (a subsidiary of the GSX), 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 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.