Gibraltar Stock Exchange Deploys Digital Stock Exchange Prototype on STACS Network

Ricardo Esteves

Ricardo Esteves has seen business and economics through many lenses. He joined the Financial Services Industry in 2009, and has been a financial journalist since 2011. He holds a degree in Business Administration and has experience producing real-time news, from both buy-side and sell-side, as well as for retail traders, brokers and service providers. Esteves' work has appeared in a variety of online publications including FX Street and FinanceFeeds.

GSX Deploys Digital Stock Exchange Prototype on STACS Network

March 7, 2019

GSX’s ambition of enabling the issuance, trading, and clearing of digital securities on the blockchain is now one step closer with the demo bond issuance. GSX Prototype will develop more features and different classes of digital assets over the coming weeks.

The Gibraltar Stock Exchange (GSX) Group has deployed a digital stock exchange prototype on the Securities Trading Asset Classification Settlement (STACS) Network’s Global TestNet, which uses distributed ledger technology.

Hashstacs

Designed for the capital markets, the STACS Network stacks on top of existing financial institutions and enables the tokenization of the financial services industry. Together with the prototype, GSX used the network for a demo bond issuance.

The GSX Prototype is capable of issuing bonds, track selling reports, enforcing selling and eligibility restrictions, and distributing 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.

Nick Cowan, Chief Executive Officer of the Gibraltar Blockchain Exchange
Nick Cowan

Nick Cowan, Chief Executive Officer and Founder of CSX, commented: “Our vision at GSX has been to revolutionize the current capital markets model by enabling the listing and trading of digital securities. 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.”

Jay Ng, Managing Director at Hashstacs
Jay Ng

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.”

Hashstacs is a joint venture between the GSX Group, Chong Sing Fintech Holdings Ltd., and Primelink Technology Co. Ltd. with the purpose of developing the STACS Network, which has achieved more than 10,000 transactions per second during testing and is now on its pilot deployment phase. The STACS Network is built specifically to meet the unique requirements of financial institutions. 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 distributed ledger of the STACS Network supports both Unspent Transaction Output (UTXO) and the double entry accounting method used in finance. The network is fully customizable according to each financial institution’s requirements.

In November 2018, GSX Group phased in their new utility token, STACS, it is to be used to pay sponsor fees, listing fees, and trading fees.

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