According to recent reports, Gibraltar Stock Exchange or GSX Group’s subsidiary, Hashtacs Inc., has entered into a partnership with STO Global-X, a technology enterprise based in Singapore. The association has taken place with the aim of facilitating token issuance. The official announcement was made on 5th April by GBX, short for Gibraltar Blockchain Exchange.
Both the partnering companies are slated to jointly introduce the unified Tokenized Securities Exchange offering which will let authorized financial entities and stock exchanges to seamlessly tokenize assets. It will also accelerate trading and clearing along with the easier settlement of the digital securities.
This collaboration has a goal of integrating the Singapore-based firm’s tokenization platform as well as exchanging the technology with Hashtacs’ STACS network, reads the official announcement. For those who come in late, STACS refers to Securities Asset Trading Classification Settlement network by Hashtacs Inc.
Elaborating further, the release explains that the solution would also include a trading platform and security token exchange of institutional-grade that will possess multi-factor validation in addition to military-level encryption.
In the month of December last year, the GBX had declared that it was providing insurance on each of its listed assets through its alliance with Callaghan Insurance Brokers, a local company. The announcement also revealed that all the assets that fall under the control of GBX were completely insured, whether they are hot wallets or cold wallets. Moreover, it covers professional indemnity as well, in every form.
GBX is also one of the subsidiaries of GSX which was introduced in July month of the previous year. It has successfully raised 27 million dollars in funding. At the time of writing, GBX registered a trading volume of $1,645,670.64 for the last 24 hours.