Gibraltar Stock Exchange leads venture to develop new blockchain asset trading protocol

The Gibraltar Stock Exchange (GSX), geared towards establishing a trusted financial services group for the new digital era, has today announced a joint venture with the Hong Kong publicly listed company Chong Sing Fintech Holdings Limited and blockchain development company Prime Fintech Co. Ltd. to establish the group Hashstacs Inc.

As part of the collaboration, Hashstacs Inc. will be developing the Securities Trading Asset Classification Settlement (STACS) Protocol, a unique public/permissioned hybrid global blockchain that will support the issuance, trading, clearing and settling of digital securities.

“This joint venture represents a major step forward in realizing the GSX vision to build a trusted global financial services group for the new digital era, facilitating more efficient scaling and deployment of solutions as the tokenization of financial markets develops. I’m very excited to work alongside the esteemed teams at Chong Sing Fintech and Prime Fintech Co. Ltd. as we collectively strive for blockchain development excellence.”

Additional projects on the STACS Protocol will include the building of a new exchange trading platform for the GSX, further development of the Gibraltar Blockchain Exchange (GBX) trading platform (a subsidiary of the GSX), and creation of the Hashstacs Enterprise Wallet, a secure and scalable multi-signature cold hardware storage solution that will enhance the field of digital assets custody.

The STACS Protocol is designed to transform the capital markets with Distributed Ledger Technology (DLT) while enforcing the best standards accepted by regulators in an open, transparent, and inclusive environment. The protocol is geared towards encouraging all stock exchanges, investment banks, brokers and dealers, and other qualified financial institutions to join for free as verified partners, while providing advantages to both issuers and investors globally.

“The GSX Group was an early supporter of the potential of DLT to provide issuers and investors with the ability to list and trade tokenized securities. The STACS Protocol is a significant development for the wider blockchain ecosystem, supporting the issuance, trading, and settling of digital securities. We encourage other institutions to capitalize on this opportunity and join the network of Verified Partners that we are already building to provide their services using the STACS Protocol,” concluded Cowan.