DeFinity, an institutional digital asset ECN and DeFi marketplace for foreign exchange, digital assets and CBDC, announces the world’s first settled cash FX trade written to its permission-less layer-1 WeOwn blockchain.
Michael Siwek, co-founder and Chief Revenue Officer of DeFinity Markets, says: “The 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 recently announced Cobalt partnership.”
The OTC foreign exchange market has been opaque since its electronification in the late 90’s. Prices vary across venues, which can make it difficult to establish an even execution benchmark.
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.”
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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.
Manu Choudhary, co-founder and CEO of DeFinity Markets, added: “DeFinity is incredibly fortunate to operate on one of the fastest third generation, layer-1 blockchains, which affords the platform the ability of being highly-scalable, performance-driven and focussed on transparency & decentralisation.”
Chris Park, co-founder and CFO of DeFinity Markets, concluded, “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. Off the back of these developments, we are truly excited that DeFinity went revenue positive in December 2021 with the first live trading client.”
DeFinity offers counterparties the ability to trade and record the full lifecycle of transactions on the layer-1 blockchain. With the unique hybrid architecture of the WeOwn layer-1 blockchain, users of the 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.
DeFinity is institutional custody agnostic and its ecosystem allows for a wide range of custodians to interact with its buy-side and sell-side participants, whilst also allowing those participants to be fully flexible as to execution venue. DeFinity has always held the vision of creating the environment to realise the inflexion point for institutions as FIAT & crypto converge. Establishing a market leading position with our partners in both individual asset classes will position us to accelerate the delivery of our roadmap.
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