Deutsche Börse And HQLAx See Progress For Its Blockchain Securities Lending Platform
Deutsche Börse And HQLAx Report Progress On Their Blockchain Securities Lending Platform
Deutsche Börse, a major global securities marketplace set in Germany and a liquidity platform called HQLAx are set to launch a new platform using the blockchain technology. The idea is to unite the expertise of both companies and the blockchain tech in order to create a platform that can be used for securities lending.
According to the press releases sent by the company, a total of six banks have already confirmed that they want to be a part of the project so far. These banks will help to connect the platform while the two main companies will develop the ecosystem and the platform.
The launch of the platform is currently set for the first half of 2019, which means that the project is, as the companies claim, progressing nicely along. Legal and regulatory policies are on their final stage now and are set to be finalized soon, just before the platform goes online.
Deutsche Börse has announced its partnership with HQLAx about a year ago. The announcement was made in March 2018 and will be based on the Corda technology, which was created by the R3 consortium.
At the time, the Corda platform was chosen because it was a good platform for managing the collateral money and had liquid assets, is considered the most appropriate choice for the matter.
According to the head of the blockchain department at Deutsche Börse, the technology will make the transactions much more efficient than they currently are when using the old technology. He believes that the company will continue to develop the distributed ledger in order to also use the innovation in other important areas of the company. This, he believes, can be used to cut costs in several areas.
R3’s Corda technology is being widely used in initiatives of this sort. For instance, the ING bank has recently bought unlimited licenses of the company in order to use it on its bank to further decentralize it.