GMEX Technologies has announced the launch of two new products – ForumCustody and ForumWallet. With this, the company has extended its support to provide digital custodian services to high volume digital asset holders.
Both the products will be a part of the GMEX Fusion product suite which provides digitally enabled hybrid trading and post-trade solutions for exchanges, clearing-houses, and central securities depositories (CSD).
According to the firm, ForumCustody can be hosted and run independently from the associated trading system, with a direct blockchain adaptor interface to the Ledger allowing connectivity between different nodes. It uses standard cryptocurrency wallets or interfaces with third-party wallet subsystems for receipt of incoming coins and transfers out to standard cryptocurrency wallets.
To make the system secure, ForumCustody manages internal balances and locks withdrawal requests until confirmed.
Why Your Enterprise’s Finances Rely on Employee TrainingGo to article >>
ForumWallet, on the other hand, is a digital vault solution for secure wallet management. It can be integrated with ForumCustody and deployed by an exchange or third-party custodian linking to their internal cryptocurrency and digital asset storage.
Targeting the Whales
With these solutions, GMEX is targeting institutional investors who are jumping on the crypto market.
Commenting on this development, Hirander Misra, CEO of GMEX Group and chairman of GMEX Technologies, said: “We are delighted to extend GMEX Fusion to provide the digital custodian product suite, which satisfies the growing demands for digitally enabled market infrastructure.”
Last year, GMEX Group announced the creation of a new venture undertaken in partnership with two companies – the ‘Mauritius International Derivatives and Commodities Exchange’ and Hybrid Stock Exchange Corporation Limited, an exchange platform on the NEM blockchain. It also tied up ThinkMarkets’ blockchain subsidiary ThinkCoin.
“This extension is part of the full GMEX Fusion hybrid exchange trading and post-trade product suite that addresses the increasing need for centralized and distributed technology to be implemented together,” Tony Harrop, CEO of GMEX Technologies, added.