DeFinity Documents Real-Time Spot Forex Trade on its Permissionless layer-1 Blockchain
DeFinity, an organizational digital asset ECN and DeFi marketplace for foreign exchange, digital assets, and CBDC, has announced the execution of the world’s first settled cash FX deal on its permission-less layer-1 WeOwn blockchain. According to Michael Siwek, co-founder and Chief Revenue Officer of DeFinity Markets: “The prospects for DeFinity across both digital and conventional asset classes are tremendous, and are supported by blockchain technology adoption. The time of printing finalized cash FX and digital asset transactions on the blockchain infrastructure coincides with our newly announced Cobalt alliance.”
Since its digitization in the late 1990s, the OTC foreign exchange market has remained opaque. Prices vary among locations, making it impossible to create a consistent execution standard.
“We are incredibly happy of implementing our technology at such an exciting moment for the digital asset and blockchain market, enabling our institutional customers attain and maintain complete transparency around best execution standards,” says Ashwind Soonarane, co-founder and COO of DeFinity Markets.
To safeguard proprietary strategies, anonymized or fully revealed data might be captured in real-time or on a delayed basis. Clients may tailor various aspects of the service to their own needs in terms of internal and external reporting.
“DeFinity is tremendously fortunate to run on one of the quickest third generation, layer-1 blockchains, which provides the platform the capacity to be highly-scalable, performance-driven, and focused on transparency and decentralization,” said Manu Choudhary, co-founder and CEO of DeFinity Markets.
Chris Park, DeFinity Markets’ co-founder and CFO, concluded, “The willingness of counter – parties to report trades on a permissionless blockchain illustrates the market’s readiness to lift the veil on certain conventional FX market friction points, benefiting both the buy-side and sell-side societies. As a result of these improvements, we are very delighted to announce that DeFinity will be revenue positive in December 2021 with the first real-time trading customer.”
DeFinity enables counter parties to trade and document the whole transaction lifetime on the layer-1 blockchain. Users of the service may opt out of the permissionless channel and rather than keep complete privacy with a permissioned blockchain, exchanging data with certain counterparties, regulators, and third-party analytics providers, thanks to the WeOwn layer-1 blockchain’s unique hybrid design.
DeFinity is institutional custody agnostic, and its ecosystem enables a diverse set of custodians to communicate with its buy-side and sell-side players, while also offering those participants complete flexibility in terms of execution venue. DeFinity has always had the ambition of providing the atmosphere for institutions to realize the inflexion moment when FIAT and crypto merge.
The firm said that “By establishing a market-leading position with our stakeholders in both particular asset classes, we will be able to speed the realization of our vision.”