The Gibraltar Stock Exchange (GSX) Group announced a joint venture with two Asian firms – Chong Sing Fintech Holdings Limited, a company listed on the Hong Kong stock exchange, and Prime Fintech, a blockchain-oriented firm.

The new venture is called Hashstacs Inc and will provide blockchain assistance. The venture aims to be at the forefront of security token industry.

Hashstacs will work on the GSX’s latest project, the Securities Trading Asset Classification Settlement (STACS) Protocol. The project is expected to act as a key factor in GSX’s plans to become the leader of blockchain adoption. The STACS Protocol is set to revolutionize the capital markets by implementing distributed ledger technology (DLT). The project aims to attract stock exchanges, investment banks, brokers, dealers and other financial institutions to join as their partners.

Also Read: Top 5 Security Token Exchanges in the World 

GSX’s Comment on  Recent Partnership

Nick Cowan, GSX group CEO commented “This joint venture represents a major step forward in realizing the GSX Group’s vision to build a trusted global financial services group for the new digital era, facilitating more efficient scaling and deployment of solutions as we see the tokenization of financial markets develop. 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.”

The joint venture firm Hashstacs’s  will also have additional responsibilities such as the creation of a exchange trading platform under the GSX, called Hashstacs Trading Platform. It will also work towards the further development of GBX Digital Asset Exchange and the creation of the Hashstacs Enterprise Wallet. The wallet represents a multi-signature hardware wallet and is expected to improve cryptocurrency custody.

About: The GSX Group is a Gibraltar based company that is the parent of the Gibraltar Stock Exchange (GSX), Gibraltar Blockchain Exchange (GBX), Blockchain Innovation Centre (BIC), and Juno Services.

Also Read: Crypto Exchange Bithumb to Open a Security Token Exchange in U.S.

Found this article useful? Follow us on Twitter and like us on Facebook to get latest updates about security tokens straight in your pocket.