GMEX Technologies Ltd., a wholly-owned subsidiary of GMEX Group providing multi-asset post-trade business and technology solutions, announced on Thursday the latest release of its GMEX Fusion Digital Capital Markets technology suite (GMEX Fusion), which was built on IBM (NYSE: IBM) Blockchain Platform.
According to GMEX, the GMEX Fusion is designed to support multi-cryptocurrency transactions and is claimed to use 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.”
GMEX reported that 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. Sean Kiernan, CEO of DAG Global, stated:
“Our partnership with GMEX guarantees our success in completing live transactions using GMEX Fusion technology on IBM Blockchain Platform. 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.”
Hirander Misra, CEO of GMEX Group and Chairman GMEX, 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.”