Abacas Exchange runs first transaction using blockchain technology

Source: Abacas

The Abacas Exchange has successfully issued its first asset-backed coin on the Bitcoin blockchain.

The platform, that enables direct asset-to-asset trading, now has the powerful capability of validating financial transactions using blockchain technology.

As the Fintech trend continues to gather pace, speculation on the value of the blockchain as an innovation set to disrupt the financial world remains at large. In a piece entitled Blockchain Will Become a Reality in 2016, Deloitte’s Eric Piscini, Simon Lapscher and Andrew Garfrerick wrote: “We expect to see existing use cases for blockchain technology come to life, completely new cases emerge and an increased number of joint product launches mostly from financial institutions and blockchain start-ups.”

Alongside full validation of the transaction, Abacas™ can also create, track and send a financial asset via the blockchain. Says Vince Small, CIO Abacas™ “This is extremely exciting for Abacas™ as we fully recognise the challenges that some of our peers are having in ensuring their products can leverage the innovative benefits of blockchain technology - an inevitable component in tomorrow’s financial world. This advancement will only expedite the rapid take up of Abacas™ and our suite of products.”

The Abacas™ Exchange short circuits the current lengthy process that is involved in exchanging assets. With this comes disruption to the market as the platform provides a more cost effective route that’s completely trustworthy and transparent. By being a transparent and low fee model, whose core aim is to facilitate client trading, Abacas™ is meeting the need for liquidity for larger firms and access to this liquidity for smaller ones.

As Abacas™ continues to lead its peer group across such innovation and in proof of existence, it is also fully engaged with the regulators in this space.
Contributed | what does this mean?
This content is contributed or sourced from third parties but has been subject to Finextra editorial review.

Comments: (0)

Featured job
All Jobs »