DeFinity Writes First FX Trade to its Blockchain
Posted by Colin Lambert. Last updated: January 13, 2022
Digital asset ECN DeFinity says the first settled cash FX trade has been written to its permission-less layer-1 WeOwn blockchain.
No details were given of the parties to the trade which was a sale of EUR 200,000 against Yen as reported on the blockchain, however Michael Siwek, co-founder and chief revenue officer of DeFinity Markets, says, “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 recently announced Cobalt partnership.”
Ashwind Soonarane, co-founder and COO of DeFinity Markets, says: “We are immensely proud of deploying our technology at such an exciting time for the digital asset and blockchain space, helping our institutional clients achieve and retain full transparency around best execution practices.”
On the blockchain, anonymised or fully disclosed data can be recorded in real-time, or on a delayed basis to protect proprietary strategies. Clients can customise certain components of the service to meet their needs around internal and external reporting requirements.
“The 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,” says Chris Park, co-founder and CFO of DeFinity Markets. “Off the back of these developments, we are truly excited that DeFinity went revenue positive in December 2021 with the first live trading client.”