London’s LAB577 To Enable Trading Of Ether And British Pounds On A Digital Asset Shared Ledger
Former Royal Bank of Scotland (RBS) engineer have a project to amalgamate trading and settlement of virtual currencies on a privately owned blockchain.
The platform is known as Digital Asset Shared Ledger (DASL, vocalized “dazzle”) which presents companies the capacity to re-imagine how value is moved and managed. Constructing new businesses for previously illiquid assets and reducing risk and cost using digital assets.
It is an open solution that gives institutions the increased control, automation and connectivity they need to handle digital assets with confidence. What’s impressive is that it is finance grade and regulatory compliant.
Richard Crook who was a former member at the RBS and now leafs LAB577 said:
“Crypto is clearly converging with blockchain. We spent quite a lot of time in 2015 separating the two, to make sure we could have a conversation about blockchain, and now here we are converging the two back.”
Features of DASL
- Robust & Agile: The platform provides high speed to value and market within its digital asset solution. It is fully adaptable and stable and can be used as a stand-alone deployment to be built on or embedded within your own distributed application.
- Powered by Corda: DASL is built on Corda, guaranteeing security, privacy, and completeness when shifting ownership of digital assets. Corda requires identifiable nodes to mitigate the risks of AML and CFT.
- Open and Integrated: It offers peer to peer private transfer of digital assets using open standards, without crypto-currency network fees. Institutions can use DASL solutions for enhanced authority, automation and connectivity when handling digital assets.
Earlier this month there were rumours that the RBS held talks with representatives from Facebook about the implementation of the Libra project in the jurisdiction of the United Kingdom.
Although the bank does not rule out joining the Libra Association, it still is not making any commitments as it’s in the process of figuring out how to incorporate the project into its regulatory framework. On this, Crook had earlier said:
“Each time Facebook or its brethren drift into the regulated realm, they soon depart, because the idea of being regulated and operating to the same rules as banks would make it uneconomical for them.”