Globex Launches Ethereum-Powered Security Token Trading Software
As of September 4th 2019, Globex has announced the launch of its digital asset trading software, Open Order Book. Through the use of Ethereum smart contracts, the new tech is said to bring digital asset buying and selling with instant settlement to smartphone owners globally.
The Globex Open Order Book Explained
Globex has developed numerous products to assist with the compliant issuance and secondary market trading of security tokens.
Today, they’ve announced the launch of their newest software, Open Order Book. The technology facilitates an order-driven marketplace for prospective investors to view—in real time— the best bids and offers on Ethereum’s public blockchain.
The software is paired with a white-label retail trading app, enabling investors to buy and sell digital assets directly from their smartphone.
Globex says the product was designed to “look and feel like a traditional public stock exchange”. It leverages Ethereum smart contracts to ensure transparency, prevent market manipulation, and enforce investor protection.
Notably, there are no market makers, no volume-discounts which can be used to promote fake trades, and no hidden order types.
In an effort to eliminate the volatility associated with cryptocurrencies, Open Order Book is said to “offer digital security trading pairs quoted, traded, and immediately settled against the exchanges’ deposits of fiat currency”.
The app will allow all private keys to be held by investors themselves.
According to Globex CEO Brian Collins,
“The digital asset community deserves a compliant secondary trading solution that upholds the core values of a public blockchain. We believe Open Order Book has the ability to usher in a new wave of quality issuers while leveling the playing field for investors to benefit from the liquidity that a global network of transparent, accessible, regulated trading venues will offer.”
Globex CTO Dr. Andrew Le Gear also commented on the launch:
“When developing Open Order Book, we were in a unique position to observe and solve for the challenges traditional and crypto exchanges face. We believe Open Order Book showcases the best of both worlds for digital securities participants to transparently and securely trade on the blockchain.”
In recent news, Globex signed an MoU with the Antiguan government to launch a government-backed security token marketplace. In addition, Globex was selected to power Timeless Luxury Group’s security token offering.
What do you think of Globex launching its Open Order Book? We’d like to know your thoughts in the comments section below.
Image courtesy of New Media Wire.