IBM’s blockchain platform collaborates with GMEX to support multi-cryptocurrency transactions

The cryptospace has been striving to get their cryptocurrencies adopted by the mainstream world of finance. With Ripple and R3 converting one financial institution at a time to use its digital asset support solution, IBM Blockchain Platform has also has been making strides in the field. The blockchain platform strengthened its relationship with GMEX Technologies Limited, with the latter announcing the release of its hybrid solution for institutional investors, GMEX Fusion Digital Capital Markets technology suite (GMEX Fusion).

This product will support multiple digital assets, including cryptocurrencies and security tokens and is built on the IBM Blockchain Platform, announced the blog.

Among existing financial services companies, DAG Global has started the use of this product to execute and settle Bitcoin and Ethereum trades. DAG Global transfers BTC/ETH between customer accounts held by Coinbase and Kraken. The CEO of GMEX Group and Chairman of GMEX Technologies expressed his pleasure at collaborating with IBM to meet the growing demands for digitally enabled market infrastructure. He added,

“This is a unique industry approach as it will enable multiple pools of liquidity to connect with multiple custodians with a single aggregated trading, clearing and settlement solution.”

DAG’s experience while using this technology affirmed that IBM Blockchain Platform was addressing financial services industry demands, claimed Jerry Cuomo, VP of IBM Blockchain Technologies. He continued,

“It is a foundational technology that can help merge old architectures with new, creating a hybrid approach to support the growing demand for digital assets and we’re excited to be working with GMEX on this pioneering approach.”