16 July 2018
Visit www.avoka.com

Gmex and Digital Asset Group form blockchain JV

30 May 2018  |  7243 views  |  0 UKTI

Trading and post-trade technology vendor Gmex Group is forming a joint venture with upstart blockchain outfit Digital Asset Group in an effort to bridge the gap between mainstream finance and the emerging DLT and crypto economy.

Digital Asset Group (not to be confused with Blythe Masters' Digital Asset) says that it aims to be the "premier trusted digital and crypto economy platform connecting traditional financial services with emerging digital assets".

The London-based firm has been set up by wealth management sector veteran Sean Kiernan with Dmitry Kaminskiy, an entrepreneur and investor active in areas including fintech and AI.

The startup is setting itself an ambitious set of objectives, with plans to eventually buy a bank and turn it into a 'crypto bank', buy a licensed exchange and add a crypto module, introduce a crypto fund of funds, and build a direct market investment platform.

While it claims to be carrying out "intensive due diligence" on potential acquisitions in the UK and Europe, for now Digital Asset Group is working on its joint venture with trading tech outfit Gmex.

Set up by Chi-X Europe co-founder Hirander Misra, Gmex has developed more traditional technology that is currently live in multiple exchanges and post-trade venues but is also developing blockchain-based alternatives.

The joint venture will be structured around a number of strategic areas including exchange initiatives with associated post-trade services including digital registry, a blockchain clearing house, and decentralised depository and custody.

Says Misra: "This JV aligns their [Digital Asset Group's] objective with our ethos to connect traditional financial services with emerging digital assets and the wider crypto economy to provide the leading trusted platform by bringing together established regulated banking, fund management and exchange business models with emerging innovation and blockchain technology."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Gmex restructures; spins off technology business

Gmex restructures; spins off technology business

20 October 2016  |  5111 views  |  0 comments | 1 tweets

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit https://secure.vasco.comVisit www.aciworldwide.comVisit http://go.jumio.com/finextraAd

Top topics

Most viewed Most shared
Flux ready for take-off on Barclays Launchpad; scores trial with Costa CoffeeFlux ready for take-off on Barclays Launch...
10554 views comments | 4 tweets | 9 linkedin
Handelsbanken trials micro contactless cardsHandelsbanken trials micro contactless car...
9573 views comments | 18 tweets | 30 linkedin
PayPal ready to spend $3bn a year on acquisitionsPayPal ready to spend $3bn a year on acqui...
8113 views comments | 13 tweets | 17 linkedin
Championing financial inclusion and helping the UnstoppablesChampioning financial inclusion and helpin...
8110 views comments | 3 tweets | 1 linkedin
No greater change will occur than that in financial servicesNo greater change will occur than that in...
7664 views comments | 7 tweets | 13 linkedin

Featured job

Competitive base, double ote, benefits
New York City, NY - USA

Find your next job