Stellar, Lightyear Partner with SharesPost’s Global Liquidity and Settlement System (GLASS) Launch
Stellar Partners With SharesPost And Lightyear.io
SharesPost recently announced its partnership with Lightyear.io, a technology platform known for its contribution to the Stellar ecosystem. As a result, Stellar will become a part of SharesPost’s initiative as well. The initiative, called the Global Liquidity and Settlement System (GLASS), is an exchange that will allow for the listing of tokens on Stellar’s Decentralized Exchange so that they can be traded in global markets.
According to SharesPost’s Founder and CEO Greg Brogger, “Lightyear and Stellar will be key partners for SharesPost as we gear up for the launch of GLASS. With their support and expertise, we will add high-quality assets to the GLASS network and be one step closer to a global system for trading security tokens and tokenized assets.”
GLASS’s main objective is to enable cryptocurrency exchanges to resolve complaint trades in any jurisdiction and to connect exchanges with registered entities. Registered entities include broker-dealers, alternative trading systems, and so forth. This group will settle secondary transactions in digital securities.
Once the member exchange finds a match for a buyer resident in a foreign jurisdiction, the exchange will submit the trade so that it can be settled by GLASS. Upon settlement, GLASS routes the traded to the jurisdictions’regulated entity to ensure that it complies with local laws and regulations. The partnership will also allow companies to target a larger use base and affiliated digital assets to enable growth of assets, such as private growth equity assets and other securities products.
Stellar has experienced several positive developments over the pat few weeks. For example, listings have been announced and its token has increased in value. Further, reports indicated that XLM is first in growth percentage among most cryptocurrencies.
The Director of Partnerships at Lightyear.io, Boris Reznikov, stated “We believe security tokens will play a key role in shaping what the global financial markets will look like in the net couple of years. We’re excited to be partnering with SharesPost on GLASS to play a key role in the development of this new paradigm.”