Archax is a London-based ‘institutional digital securities exchange’ which has has recently joined forces with enterprise blockchain platform R3, and plans on integrating Corda into its technology stack.
In the press release published last week, the exchange stated that it made the decision with the expectation that it would help develop and “reduce friction” in its ‘post-trade infrastructure. It also featured the claim from Archax that it is: “focused on providing an exchange for institutions and professional investors to trade in all types of digital securities globally”.
Archax’s partners include: SPiCE Venture Capital, Alphabit Fund, University College London (UCL) Institute of Education, Securitize, and Signature Bank.
Last year, Archax won an award from ‘Security Tokens Realised’ for “Exchange with the Most Promising Vision”, and the previous year it won “Most Outstanding Crypto Product Award” from Finance Magnates. It currently has a pending application to operate a ‘multilateral trading facility (MTF) in London which is being processed by the Financial Conduct Authority (FCA).
“Archax, with its experienced team and base in London, is building one of the most credible venues for these tokens and will play a key role in driving institutional adoption.
As such, our Corda Enterprise platform is ideally-suited for this project, and we look forward to working together to disrupt and revolutionise how financial markets operate.”
Cathy Minter (R3, CRO)
R3 is backed by a large consortium of big players and blue chip companies, as well as partners, from the technology and blockchain sectors. This includes Accenture, Finastra, Gemalto, Infosys, Intel, Mastercard, Microsoft, and SIX Exchange; as well as new partner Chainstack.
Corda is its flagship product: an open-source platform which provides a platform through which businesses can transact with one other in absolute privacy, through the use of blockchain and smart contract technology.
“Although Archax is blockchain agnostic for digital security issuances, we needed an institutional-grade system for our own post-trade use…
This partnership between R3 and Archax will enable us to revolutionise the current post-trade space, removing friction and streamlining activities to improve efficiency and reduce cost.”
Graham Rodford (Archax, CEO)
Earlier this month, another London-based organisation made an announcement regarding its use of R3 technology for a cryptocurrency token-oriented project.
On October 13, fintech company Ivno revealed the completion of its first global token trial using the Corda platform. Ivno is built on the concept of ensuring instant settlement for what it calls “mobile collateral tokens”. The project drew considerable support from the likes of U.S. Bank and National Bank of Canada.
On October 16, Archax found a new strategic partner in HighCastle, a UK-based blockchain share registrar and investment marketplace. The partnership is expected, according to the press release, to help “increase the secondary market liquidity of digital securities issued on HighCastle’s Prime Issuance, Registry and Settlement Distributed Network (PrimeNet)”.