DigitalX Launches Its First Regtech Application Drawbridge

DigitalX, a blockchain technology company, announced on Tuesday that it has launched Drawbridge, the Company's first RegTech application utilising blockchain technologies for financial exchange participants.

The Drawbridge application allows listed companies to digitise trading restrictions under their policy and automate necessary approvals for employee and director trading. It addresses a need for improved administration of securities dealing policies by listed entities. 

In addition to having adopted the solution for its own workforce, the Company has already launched its 'Drawbridge Early Adopter Program' (EAP) to bring on board initial users to provide feedback and assist the ongoing development of the version 1 product.

These early customers subscribing to the EAP will receive a discounted rate for an initial 6-month period in exchange for providing valuable feedback for additional features. Customer feedback will be used to prioritise the highest value features for inclusion in the Drawbridge product roadmap for future development. Onboarding of these EAP subscribers is expected to occur over December 2020 and January 2021.

​DigitalX Executive Director Leigh Travers said: "Drawbridge represents the first application in our push towards providing next generation RegTech solutions into the market. While the research and development phase was extensive over the year, the pace and quality of the development is a testament to the small team and their execution capabilities. Importantly, it only marks the commencement of our work in this area and our team is already focussed on developing new products, utilising our blockchain skills and experience, to create a big presence in this space and create a new line of revenues for the Company."