The GSX Group has entered into a joint venture with the Hong Kong publicly listed company Chong Sing Fintech Holdings Limited and blockchain development company Prime Fintech Co. Ltd. establishing Hashstacs Inc. to assist in the development of blockchain technologies.
Hashstacs Inc. will be developing the GSX Group’s latest initiative, the Securities Trading Asset Classification Settlement (STACS) Protocol. As the Group continues its work to be at the forefront of the blockchain industry’s evolution, the STACS Protocol will play a pivotal role, creating a unique public/permissioned hybrid global blockchain that will support the issuance, trading, clearing and settling of digital securities.
Nick Cowan, CEO of the GSX Group, shared his excitement at the realisation of the joint venture, saying:
“This joint venture represents a major step forward in realising 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 tokenisation 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 Hashstacs Inc. collaboration will work to develop the STACS Protocol, designed to radically transform the capital markets with Distributed Ledger Technology (DLT), maintaining industry best practices within the GSX Group’s trusted institutional-grade environment. The protocol seeks to encourage 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.
Nick Cowan reflected on the GSX’s journey and arrival at this significant milestone:
“The GSX Group was an early supporter of the potential of DLT to provide issuers and investors with the ability to list and trade tokenised securities. Now 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 capitalise on this opportunity and join the network of Verified Partners that we are already building to provide their services using the STACS Protocol.”
In addition to the STACS Protocol the joint venture will also collaborate on the Hashstacs Enterprise Wallet, a secure and scalable multi-signature cold hardware storage solution that will enhance the field of digital assets custody. This underlines the continued efforts by the GSX Group to establish a trusted financial services offering for the new digital era, leading the evolution of the blockchain industry as it bridges the gap with traditional financial markets.
The STACS Protocol and the Hashstacs Enterprise Wallet are part of a trio of core products alongside the Hashstacs Trading Platform. Our goal is to continue to build a seamless and frictionless trading experience for all users. This will include the continued development of the GBX Digital Asset Exchange as well as other exchanges.
To find out more visit hashstacs.io
About Chong Sing Holdings FinTech Group Limited
Chong Sing Holdings FinTech Group Limited (“CSF”, stock code: 8207.HK) is a leading integrated FinTech group with a focus on providing 24x7 online financial services to SMEs, merchants, and individuals in China and Asia, through internet and mobile solutions. CSF Group is principally engaged in four business areas: Asia Payment, Technology-enabled lending, Blockchain, Traditional loans, and Financing services.
About Prime Fintech Co. Ltd
Prime Fintech has previously been in the blockchain development space with successful implementation of enterprise blockchains in the fields of financial industry, logistics and supply chain, the asset-backed securities industry, data assets, loyalty points, accreditation, as well as enabling enterprises to adopt the blockchain within their businesses.
About the GSX Group
The GSX Group comprises the Gibraltar Stock Exchange (GSX), Gibraltar Blockchain Exchange (GBX), Juno Services and the Blockchain Innovation Centre (BIC). The Group’s ecosystem of companies aims to establish a new era of blockchain powered finance, by providing a full-service suite to its clients. The efforts of the GSX Group are helping to bridge the gap between traditional finance and the developing blockchain industry, facilitating the move towards mass adoption and institutional participation.