Combining the GMEX centralized technology with the latest Blockchain technology, the firm is able to scale technology to meet the needs of the institutional market while traditional custodians and CSDs still struggle to safely provide custody of digital assets. The ForumCustody system can be hosted and run independently from the associated trading system, with a direct Blockchain adaptor interface to the Ledger allowing connectivity between different nodes. The system manages internal balances and locks withdrawal requests until confirmed and handles multiple types of digital assets, including security tokens, with inter-bank message flows.
Hirander Misra, CEO of GMEX Group and Chairman GMEX Technologies, commented:“We are delighted to extend GMEX Fusion to provide the digital custodian product suite, which satisfies the growing demands for digitally enabled market infrastructure.”
ForumWallet, also launched by GMEX and integrated with ForumCustody, is a digital vault solution for secure wallet management that can be deployed by an exchange or third-party custodians linking to their internal cryptocurrency and digital asset storage or by external third-party providers looking to provide wallet sub-systems. The digital vault automatically creates and manages all wallets with keys and key backups being stored with strong encryption including configurable periodic key rotation.
Tony Harrop, CEO of GMEX Technologies, added: “This extension is part of the full GMEX Fusion hybrid exchange trading and post-trade product suite that addresses the increasing need for centralized and distributed technology to be implemented together.”
The framework provided by ForumCustody and ForumWallet can be used to tokenize existing securities and assets, according to GMEX. The GMEX Fusion suite also includes a real-time risk-based clearing system, ForumClear. The system manages position keeping, credit checking and margining.