DeFinity records first live cash FX trade to permissionless layer-1 blockchain
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DeFinity records first live cash FX trade to permissionless layer-1 blockchain 12 January 2022UK Reporter: Carmella Haswell
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DeFinity, a digital asset electronic communication network and decentralised finance marketplace, has announced its first settled cash foreign exchange trade written to its permissionless layer-1 WeOwn blockchain.
DeFinity allows counterparties to trade and record the full lifecycle of transactions on the layer-1 blockchain.
Users of the WeOwn service can opt out of the permissionless channel and instead retain full privacy with a permissioned blockchain, sharing data with select counterparties, regulators and third-party analytics vendors.
Speaking on the announcement, Michael Siwek, co-founder and chief revenue officer of DeFinity Markets, says: 鈥淭he opportunities for DeFinity across both digital and traditional asset classes are vast and underpinned by the adoption of blockchain technology. 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 Cobalt partnership.鈥�
Chris Park, co-founder and CFO of DeFinity Markets, adds: 鈥淭he willingness from counterparties to report transactions on a permissionless blockchain demonstrates the preparedness of the market to lift the veil around some traditional FX market friction points, which will add benefit to the buy-side and sell-side communities.鈥�
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