Providing permissioned blockchain platform for settlement,
custody and management of traded cryptocurrencies & digital assets
GMEX Technologies Ltd (GMEX), a provider of multi-asset exchange and post-trade business and technology solutions, is pleased to announce the launch ofForumCustody and ForumWallet, part of the GMEX Fusion product suite, to include Digital Custodian and Vault capabilities. GMEX Fusion delivers state-of-the-art, digitally enabled hybrid trading and post trade solutions for exchanges, clearing-houses and central securities depositories (CSDs) taking advantage of the inherent positive characteristics of both centralised and distributed ledger technology.
Institutional investors are increasingly investing in digital assets and require custodians who are able to deliver exchange custody, self-custody or third-party management of their digital asset accounts. The new cryptocurrency and digital asset exchanges are looking to expand liquidity and attract new participants and require custodian partners who are able to scale technology to meet the needs of the institutional market. Additionally, traditional custodians and CSDs need to extend their capabilities to provide custody of digital assets and to bring infrastructure and processes up-to-date and to introduce distributed ledger functionality integrated with existing technology and processes. GMEX Fusion, combining the established GMEX centralised technology with the latest Blockchain technology, is well placed to support either.
The ForumCustody system is being deployed by multiple exchanges and custodians. It can be hosted and run independently from the associated trading system, with a direct Blockchain adaptor interface to the Ledger allowing connectivity between different nodes. The system uses standard cryptocurrency wallets or interfaces with third party wallet subsystems for receipt of incoming coins and transfer out to standard cryptocurrency wallets. ForumCustody manages internal balances and locks withdrawal requests until confirmed. It also handles multiple types of digital assets, including security tokens, with inter-bank message flows to facilitate settlement downstream and upstream messaging to the exchange.
GMEX has also launched ForumWallet, a digital vault solution for secure wallet management, integrated with ForumCustody. It can be deployed by an exchange or third-party custodians linking to their internal cryptocurrency and digital asset storage; or by external third-party providers looking to provide wallet sub-systems. All wallets are created automatically and managed by the ForumWallet subsystem (and are never deleted). Wallet keys and key backups are stored with strong encryption including configurable periodic key rotation.
The ForumCustody and ForumWallet framework can also be used to tokenise existing securities and assets, as well as facilitate deposits into internal hot, warm and highly secure cold storage wallets, with trading and withdrawals into external wallets as required. The GMEX Fusion suite also includes ForumClear, the real-time risk-based clearing system, delivering functionality such as position keeping, credit checking and margining plus proven digital exchange capability.
Hirander Misra, CEO of GMEX Group and Chairman GMEX Technologies commented, “We are delighted to extend GMEX Fusion to provide the digital custodian product suite, which satisfies the growing demands for digitally enabled market infrastructure.” Tony Harrop, CEO of GMEX Technologies added, “This extension is part of the full GMEX Fusion hybrid exchange trading and post trade product suite that addresses the increasing need for centralised and distributed technology to be implemented together.”