GMEX Taps IBM Blockchain to Support Digital Assets
LONDON, Sept. 19, 2019 /PRNewswire/ -- GMEX Technologies Ltd., a wholly owned subsidiary of GMEX Group providing multi-asset post-trade business and technology solutions, today announced the latest release of its GMEX Fusion Digital Capital Markets technology suite (GMEX Fusion), built on IBM (NYSE: IBM) Blockchain Platform, this technical advancement empowers institutional investors with a hybrid solution supporting multiple digital assets, including cryptocurrencies, security tokens, and more.
Already used by multiple exchanges and custodians in both traditional and hybrid environments accessing distributed ledgers, GMEX Fusion is designed to support multi-cryptocurrency transactions. DAG Global 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. GMEX Fusion uses the latest state-of-the-art blockchain technology to offer trading and post trade digital asset solutions to traders, exchanges, clearing-houses, central securities depositories (CSDs) and custodians.
Institutional investors interested in digital assets require enterprise-grade market infrastructure which can be integrated with existing technology and processed in regulated, accountable environments. GMEX Fusion now offers a new approach for supporting these assets in areas such as trading, clearing, settlement, registration, custody and management of traded cryptocurrencies.
IBM Blockchain Platform helps enable GMEX Fusion to manage digital assets that represent multiple types of financial instruments simultaneously, including cryptocurrencies, security tokens, tokenised commodities and margin traded crypto derivatives; with inter-bank message flows to facilitate settlement downstream, and exchange messaging upstream.
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."
IBM Blockchain Platform is a flexible, enterprise-grade blockchain platform built on Hyperledger Fabric. It provides a secured platform to build, govern, operate and grow blockchain networks, with the ability to deploy components in multiple cloud or on-premise environments.
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 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."
The deal was signed in third quarter of 2019.
About IBM Blockchain
IBM is recognized as the leading enterprise blockchain provider. The company's research, technical and business experts have broken barriers in transaction processing speeds, developed the most advanced cryptography to secure transactions, and are contributing millions of lines of open source code to advance blockchain for businesses. IBM is the leader in open-source blockchain solutions built for the enterprise. Since 2016, IBM has worked with hundreds of clients across financial services, supply chain, government, retail, digital rights management and healthcare to implement blockchain applications, and operates a number of networks running live and in production. The cloud-based IBM Blockchain Platform delivers the end-to-end capabilities that clients need to quickly activate and successfully develop, operate, govern and secure their own business networks. IBM is an early member of Hyperledger, an open source collaborative effort created to advance cross-industry blockchain technologies. For more information about IBM Blockchain, visit https://www.ibm.com/blockchain/ or follow us on Twitter at @ibmblockchain.
About GMEX Group
GMEX Group is a set of companies that offer leading edge innovative solutions for a new era of global financial markets by being a global provider of innovative multi-asset exchange trading and post trade business solutions and technology ecosystems.
Our key business solutions enable the creation and operation of cost effective electronic exchanges and post trade infrastructure in multiple asset classes including equities, debt, FX, derivatives, commodities, cryptocurrencies and digital tokenised assets.
We operate in both developing and developed markets through the establishment of cohesive business and technology ecosystems. GMEX offers the added benefit of interconnection to multiple partner exchanges, to create global networks of liquidity.
The GMEX Market Advancement Programme (MAP) is all about partnerships and creating an ecosystem with exchanges and post trade market infrastructure operators to deliver centralised, decentralised & hybrid solutions in a collaborative fashion.
GMEX Group is comprised of four main businesses:
- GMEX Technologies is a provider of multi-asset traditional and digital exchange trading and post trade technology through a unique partnership driven approach
- GMEX Innovation conducts R&D of technologically advanced new product solutions for exchange trading, clearing and settlement including hybrid and DLT Blockchain solutions delivered by GMEX Technologies as GMEX Fusion
- GMEX Services provides strategic consultancy, implementing services & support for exchanges and market infrastructure providers across asset classes including digital tokenised assets
- GMEX Investments makes selective seed and early stage strategic equity and token investments into market infrastructure and related Fintech companies