Gibraltar Stock Exchange Subsidiary Partners With Tokenization Platform
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Hashstac, a subsidiary of the Gibraltar Stock Exchange Group (GSX Group), has partnered with Singapore-based technology company STO Global-X to facilitate the issuance of tokens. The development was announced by the Gibraltar Blockchain Exchange (GBX) on April 5.
GSX Group’s subsidiary Hashtacs Inc. and STO Global-X will jointly launch an integrated Tokenized Securities Exchange product that will purportedly allow stock exchanges and other qualified financial institutions to tokenize assets and boost trading, clearing and settling of digital securities.
“The collaboration aims to integrate STO Global-X’s tokenization platform and exchange technology with Hashstacs’ Securities Asset Trading Classification Settlement (STACS) Network. The solution will include an institutional-grade security token exchange and trading platform complete with multi-factor authentication and military-grade encryption,” the release further explains.
Last December, the GBX — which is another subsidiary of the GSX — announced that it is offering insurance on all of the assets listed on its platform through the partnership with local firm Callaghan Insurance Brokers. The police stated that “all assets in the custody of the GBX are fully insured, including both hot and cold wallets,” and it also “covers all forms of professional indemnity.”
GBX was launched in July of last year and raised a total of $27 million in funding. Over the past 24 hours, the exchange registered about $1.5 million in trades, currently placing it in 126th place on CoinMarketCap’s exchange rankings by adjusted trade volume.