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Gibraltar Stock Exchange deploys DSX prototype on new blockchain

Tony Zerucha

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The Gibraltar Stock Exchange (GSX) Group has successfully deployed a GSX Digital Stock Exchange prototype and a demo bond issuance on the Securities Trading Asset Classification Settlement (STACS) Network’s Global TestNet. Using distributed ledger technology (DLT), the STACS Network is designed for capital markets. It is a new generation scalable ledger network layer that stacks on top of existing financial institutions and enables the tokenization of the financial services industry.

“Our vision at GSX has been to revolutionize the current capital markets model by enabling the listing and trading of digital securities,” Nick Cowan, CEO of the GSX and founder of the GSX Group said. “This is the next significant step in a new paradigm for global finance — opening up new liquidity pools and products.

“The successful demo bond issuance on STACS brings us closer to achieving our goal, as one of the first movers in this nascent technology. The GSX will continue to push the boundaries and advocate for greater adoption, so together we can direct the future of capital markets.”

The GSX Prototype has the capacity to launch the bond on STACS, track selling reports, enforce selling and eligibility restrictions, and distribute repayments using smart contracts. The demo bond issuance brings GSX a step closer to its ambition of enabling the issuance, trading, and clearing of digital securities on the blockchain. Over the coming weeks more features and different classes of digital assets will be developed within the GSX Prototype.

Hashstacs Inc. (Hashstacs), which developed the STACS Network, is a joint venture between the GSX Group, Chong Sing Fintech Holdings, and Primelink Technology. Through this demonstration of the STACS Global TestNet and GSX prototype, Hashstacs Inc. has embarked on its pilot deployment phase.

The STACS Network is built specifically to meet the unique requirements of financial institutions. The distributed ledger technology supports both unspent transaction output (UTXO) and the double entry accounting method used in finance. Unique customizable consensus logic and innovative node design allow full customization according to each financial institution’s requirements. STACS natively supports KYC/AML requirements and the use of smart contracts on both JavaScript and Solidity. The Network has achieved more than 10,000 transactions per second during testing.

Jay Ng, Managing Director at Hashstacs, said, “We are extremely excited about the achievement today. 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. We are excited to broaden our partnership base and encourage companies and institutions to use the Global TestNet and join us on this journey.”

Tony Zerucha

Tony Zerucha is an alternative finance journalist with more than seven years experience in the space. The author of more than 1,000 articles, Tony was named LendIt's 2018 Journalist of the Year.

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