DeFinity Finishes First FX Trade on Its Blockchain

DeFinity, which offers an institutional digital asset ECN and DeFi marketplace, announced the completion of the first cash-settled FX trade executed on its permission-less layer-1 WeOwn blockchain on Wednesday.

“The opportunities for DeFinity across both digital and traditional asset classes are vast and underpinned by the adoption of blockchain technology,”said Michael Siwek, the Co-Founder and Chief Revenue Officer of DeFinity Markets.

Owned by DMALINK and WeOwn, DeFinity offers trading services to institutional counterparties and records the full lifecycle of transactions on the layer-1 blockchain. In addition, its hybrid architecture allows users to opt-out of the permissionless channels and share selected data to other parties and service providers on a permissioned blockchain.

Its priority was to bring transparency to the electronic trading market, where prices even vary across venues.

Additionally, the company partnered with the market infrastructure provider, Cobalt last month to enhance the technical capabilities, Finance Magnates reported earlier.

“The timing to print settled cash FX and digital asset transactions to the blockchain infrastructure has come at an opportune moment in line with our recently announced Cobalt partnership,”Siwek added.

Moreover, the platform allows custodians to interact with its buy-side and sell-side participants. It records data in both real-time and on a delayed basis, allowing customers to set their strategies.

“We are immensely proud of deploying our technology at such an exciting time for the digital asset and blockchain space, helping our institutional clients achieve and retain full transparency around best execution practices,”said Ashwind Soonarane, the Co-Founder and COO of the company.

DeFinity’s Co-Founder and CEO, Manu Choudhary said: “DeFinity is incredibly fortunate to operate on one of the fastest third-generation layer-1 blockchains, which affords the platform the ability of being highly-scalable, performance-driven and focused on transparency & decentralization.”

Source: Finance Magnates