GMEX Technologies has announced the latest release of its GMEX Fusion, built on the IBM Blockchain Platform, designed to empower institutional investors with a hybrid solution supporting multiple digital assets, including cryptocurrencies, and security tokens.
The multi-asset post-trade business and technology solutions provider has grown quickly to become a supplier for multiple exchanges and custodians in both traditional and hybrid environments accessing distributed ledgers, including DAG Global which is now using it to execute and settle Bitcoin and Ethereum trades, transferring BTC/ ETH between customer accounts held by the two leading cryptocurrency exchanges, Coinbase and Kraken. The deal with DAG Global was signed in the third quarter of 2019.
Sean Kiernan, CEO of DAG Global, commented: “Our partnership with GMEX guarantees our success in completing live transactions using GMEX Fusion technology on IBM Blockchain Platform.” He added, “This enables us to trade on multiple exchanges and off-exchange over-the-counter (OTC) with consolidation of trading activity and finality of settlement with a single solution.”
Offering trading and post-trade digital asset solutions to traders, exchanges, clearing-houses, central securities depositories (CSDs) and custodians, GMEX Fusion provides the required enterprise-grade market infrastructure which can be integrated with existing technology and processed in regulated, accountable environments needed by institutional investors.
IBM Blockchain Platform is a blockchain platform built on Hyperledger Fabric that provides a secure platform to build, govern, operate and grow blockchain networks, with the ability to deploy components in multiple cloud or on-premise environments. GMEX Fusion uses the IBM Blockchain Platform to manage digital assets that represent multiple types of financial instruments simultaneously, including cryptocurrencies, security tokens, tokenized commodities and margin traded crypto derivatives; with inter-bank message flows to facilitate settlement downstream, and exchange messaging upstream.
Jerry Cuomo, IBM Vice President Blockchain Technologies, commented: “The work underway with GMEX and DAG Global is further evidence that IBM Blockchain Platform is addressing important financial services industry demands in real production environments and across multiple clouds. It is a foundational technology that can help merge old architectures with new, creating a hybrid approach to support the growing demand for digital assets and we’re excited to be working with GMEX on this pioneering approach.”
Hirander Misra, CEO of GMEX Group and Chairman at GMEX Technologies, added: “We are delighted to collaborate with IBM to power our market-leading GMEX Fusion and provide an institutional solution which satisfies the growing demands for digitally enabled market infrastructure fit for regulated environments.” He added,” This is a unique industry approach as it will enable multiple pools of liquidity to connect with multiple custodians with a single aggregated trading, clearing and settlement solution.”
GMEX Fusion was first launched in early 2018 as a unique integrated centralized and distributed solution set that aimed to address the changing global market drivers and technical innovation, which led the company to combine the established GMEX centralized technology with the latest Blockchain technology.