The Gibraltar Stock Exchange Group has announced the deployment of a Digital Stock Exchange prototype, on the Securities Trading Asset Classification Settlement (STACS) Network’s Global TestNet.
The STACS Network has been developed by Hashstacs, which is a joint venture between the GSX Group, Primelink Technology, and Chong Sing Fintech Holdings.
The GSX Prototype can track selling reports, enforce selling & eligibility restrictions, launch the bond on STACS, and distribute repayments using smart contracts. GSX said that the demo bond issuance brings it a step closer to its aim of enabling the trading, issuance, and clearing of digital securities on the blockchain.
The CEO of the GSX and Founder of the GSX Group, Nick Cowan, said –
“Our vision at GSX has been revolutionizing the current capital markets model by enabling the listing and trading of digital securities.”
“The successful demo bond issuance on STACS brings us closer to achieving our goal, as one of the first movers in this nascent technology.”
Mainly designed for capital markets, the STACS Network is a next-gen scalable ledger network layer which seamlessly stacks on top of existing financial institutions and helps the tokenisation of the financial services industry. The DLT supports both UTXO and the double-entry accounting method used in finance.
Managing Director at Hashstacs, Jay Ng, said –
“The successful deployment of the STACS Global TestNet and GSX Prototype on the STACS Network is an important milestone in the finance industry’s journey toward a digital asset era. We are proud to be spearheading this evolution with the STACS Network, alongside many top-tier, forward-looking institutions.”
GSX stated that it has plans to develop more features and different classes of the digital assets inside the GSX prototype over the coming weeks.