May 7, 2021 - DeFinity, a decentralised finance (DeFi) marketplace for fiat Foreign Exchange, tokenised currencies, and central bank digital currencies (CBDC), has today announced its intention to deliver a near real-time settlement ecosystem to help FX market participants settle their cash FX, forwards, swaps, and NDF transactions at a fraction of the cost of traditional routes.
DeFinity is a layer-2 protocol and decentralised exchange solution, utilising existing blockchain frameworks including WeOwn, Ethereum, Polkadot, Binance Smart Chain, and Cardano. The press release today states, "With a focus on interoperability, the ambition is to create a more inclusive decentralised ecosystem that helps to bridge the old with the new."
Manu Choudhary, Chief Executive Officer of DeFinity, commented, "We hope to introduce settlement efficiencies into the traditional asset space that we believe will help established and under-capitalised market participants alike improve their service to clients, investors, pension funds, and their own bottom line in the case of proprietary trading firms and hedge funds."
Michael Siwek, Chief Revenue Office of DeFinity, added, "Over the last decade the FX market has evolved to offer reduced last-look times, technology that accurately measures market impact and information leakage combined with record-low order matching speed through state-of-the-art networks. The crucial aspect of credit is important to many participants that may not qualify for Tier-1 credit access. The DeFinity solution enables regulated retail and under-capitalised firms to access primary markets using the DeFinity settlement platform, which makes it an attractive solution in the $6.6 trillion daily FX market."
Security being at the forefront of the platform, users are to benefit from the introduction of an Information Security Framework using ISO standard ISO/IEC 27001, certification, and assurance standardisation based on ISAE 3402.
Sascha Ragtschaa, Chief Technology Office at DeFinity, also commented, "The existing and proven technology introduces immediate transactions to the network and enables our market makers and clients to efficiently trade with each other to benefit the wider marketplace."
DeFinity is specifically focused on the future support of central bank digital currencies and decentralised financial services for FX. Today's press announcement also contained the following statement making clear that Definity is actively looking to engage with regulators and Central Banks on the project: "Current and future regulation is at the heart of the DeFinity eco-system and its Central Bank Digital Currency offering. As such, the platform welcomes engagement with the FCA, The Bank of England, offshore Central Banks, and other relevant authorities to create a robust and future-proof service benefiting the market at large."
Earlier this week, Cointelegraph announced that DeFinity will launch an IDO later this month via the OccamRazer Launchpad, with participants able to contribute using Ether. The official Telegram community for DeFinity can be found here: https://t.me/DeFinity_Community
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