In Hashstac, STO Global-X (STGX) May Have Finally Found A Perfect Partner To Tokenize Its Products
In Hashstac, STO Global-X May Have Finally Found A Perfect Partner To Tokenize Its Products
Several months after partnering with Chong Sing FinTech Holdings and Prime FinTech to launch Hashstacs Inc, Gibraltar Stock Exchange (GSX Group) is once again stealing the headlines. Hashstac, a subsidiary of GSX, is teaming up with STO Global-X in its quest to seamlessly issue tokens.
Hashstac whose role was to facilitate the development of Blockchain-powered products within the finance industry was at the center of the creation of GSX ‘STACS’ protocol. The announcement explaining its creation was made in November 2018.
Yet, even before the dust settles, it has already landed a worthy partner in a Singapore-based startup. STO Global-X essentially allows diverse marketplaces to create tokenized securities under Blockchain technology. It is an end-to-end platform designed with a turnkey solution that converts conventional market assets into digital, Blockchain-powered assets for investors to buy.
A Partnership Poised To Revolutionize Capital Markets
And so, the Hashtacs Inc-STO Global-X partnership is tailored to help create and roll out a smart, integrated decentralized Tokenized Securities Exchange product. Basically, the product will enable ordinary securities exchanges and other financial entities to tokenize their assets, with the issuance done via STGX’s issuance platform.
Part of it also involves integrating the special Securities Asset Trading Classification Settlement network to the whole product. And it supports KYC/AML requirements as well as the idea of exploiting smart contracts which form the core of the Blockchain technology.
It plans to integrate it in everything, right from security issuance and trading all the way to clearing. By so doing, the Singapore-based startup will have gone one foot to achieving its determination of tokenizing everything in the securities market.
Gibraltar, A Little Company That’s So Huge In The Blockchain Industry
Tiny Gibraltar is slowly becoming a hotbed of Blockchain startups, all thanks to the open arms of the Gibraltar Financial Services Commission (GFSC). This self-governing country is gaining enormously through its vibrant financial services industry as it positions itself for post-EU life.
So far, tens of crypto and Blockchain startups have pitched camp in its shores, effectively showing why it doesn’t come as a surprise seeing STO Global-X finding a new home up North. And it’s something that has left the CEO of the GSX Group, Nick Cowan, feeling excited. According to him, STO Global-X will serve as “bedrock” on which their traditional financial functions will be built on once they become fully digitalized.
On his part, the CEO of STO Global-X, Floyd DCosta is confident that security token exchanges will greatly revolutionize the capital markets industry. He says the company is enthusiastic with helping firms like GSX Group leverage the Blockchain and roll out digital tokenized securities.