Distichain partners with SECDEX for integrated digital custody services enabling traders to more easily transact
UAE, London, Seychelles, 17th August 2020. Distichain, a SaaS provider of digital B2B ecommerce marketplaces is pleased to announce that it has signed a partnership agreement with SECDEX Digital Custodian (SECDEX), Africa and the Middle East’s first regulated fully operational digital custodian. SECDEX is authorised and regulated by the Seychelles Financial Services Authority (FSA) to operate digital custodial services for a broad range of digital assets.
The partnership has gone live with an integrated Distichain B2B trading engine and SECDEX services solution set, enabled by the GMEX Fusion hybrid centralised & blockchain distributed ledger technology suite. The ecommerce platform and secured digital wallet tech stack also includes digital custody and escrow financial institute licenses as well as secure banking.
Currently traders are limited by traditional payment methods such as low credit card limits, wire transfers, and lengthy and complex letter of credit solutions. Delivering advanced blockchain-based payment technologies, the SECDEX, GMEX and Distichain combination are providing secure, swift, and seamless global trading with reduced risks.
The wallet integration creates a unique experience in the digital B2B trading journey, as buyers and sellers connected to Distichain’s trade engine have the capability to transact large amounts securely. Verified buyers, upon receipt of purchase order and generation of the smart contract, will be able to pay for the goods purchased instantly by payment transfers on the agreed due dates.
Distichain is a B2B e-commerce platform that provides public and private enterprises with tailor-made marketplaces and associated services, helping them digitise industries and businesses while expanding trading opportunities relating to the buying and selling of physical products. The blockchain and AI engine connects logistics, insurance, identity verification, and trade finance providers to deliver door-to-door border agnostic trading.
SECDEX caters for a broad range of digital assets, including security tokens and cryptocurrencies, such as Bitcoin, for customers choosing to put their digital assets in its safe custody, with robust layers of security to prevent fraud and misappropriation. Wallet keys and key backups are stored with strong encryption. SECDEX services the digital custody needs of both private and institutional clients (including third party exchanges, marketplaces and financial institutions), by handling custody, escrow services, automated transfers, balance confirmations and account related requests.
Hirander Misra, Chairman of SECDEX Group said, “We are delighted that SECDEX Digital Custodian has partnered with Distichain to digitally improve the efficiency of B2B global trade between buyers and sellers.” He continued, “As a result of the pandemic, the need for smart ecommerce marketplace solutions, which facilitate ease and certainty of trading through enhanced digital automation, lower costs and trust, is greater than ever before.”
Haisam Jamal, Co-Founder and CEO of Distichain, commented, “Our partnership with SECDEX allows Distichain-empowered marketplaces to deliver digital custody and transaction settlement solutions in real time and from within the platform. The fact that trading, supply chain, and banking participate in each transaction under a unified and impartial set of rules, ensures Distichain’s B2B ecommerce truly secures, simplifies and empowers global trade for SMEs. Our intention is to even the playing field for companies to trade in a trusted environment and based on the unbiased merit of their offering.”
SECDEX in a short space of time has already attracted over half a billion USD of assets, which it has tokenised, with immutability and transparency on the Ethereum blockchain and held in secure digital custody. These assets come from multiple sectors and geographies.
SECDEX Group is backed by GMEX Group and Digital Partners Network (DPN). In addition to a regulated digital custodian, the group also comprises a licensed, regulated exchange (offering traditional and digital assets), central counterparty clearing house (CCP) and central securities depository with registry.
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The Seychelles-based Securities, Commodities and Derivatives Exchange (“SECDEX”) is a market infrastructure ecosystem located in the Seychelles. It is a multi-asset hybrid exchange combining the benefits of a digital exchange with those of a traditional exchange. It focuses on securities, debt, spot commodities and derivatives contracts in traditional and digital tokenised form.
The Group consists of:
- SECDEX Exchange Limited (“SECDEX Exchange”), which is authorised and licensed by the Seychelles FSA to operate a regulated securities exchange with multi-asset capabilities, which include derivatives and digital assets.
- SECDEX Clearing Limited (“SECDEX Clearing”), which is authorised and licensed by the Seychelles FSA to operate a regulated central counterparty (CCP) clearing house to clear trades executed on SECDEX Exchange.
- SECDEX Depository Limited (“SECDEX Depository”), which is authorised and licensed by the Seychelles FSA to operate as a regulated central securities depository and registry for securities listed on SECDEX Exchange.
- SECDEX Digital Custodian Limited (“SECDEX Digital Custodian” or “SDC”), which is authorised and regulated under the regulatory Sandbox of the Seychelles FSA to operate digital custodial services for a broad range of digital assets.
- SECDEX Digital Marketplace (“SDC Digital Marketplace” or “SDM” or “SECDEX Marketplace”), which operates as part of SECDEX Digital Custodian Limited as a trading venue to offer a broad range of cryptocurrencies. These by being in custody can be traded.
For more information visit www.secdex.net or follow us on Twitter @SecdexG
Distichain is a B2B e-commerce platform that provides public and private enterprises with tailor-made marketplaces, helping them digitize industries and businesses while expanding trading opportunities. Its blockchain and AI back-engine connects logistics, insurance, identity verification, and trade finance providers to deliver door-to-door border agnostic trading. Distichain’s intuitive and customizable user interface facilitates building world-class B2B marketplaces tackling specific needs. Using smart contracts, Distichain ensures the highest levels of data privacy and by connecting to innovative solutions within Fintech and Supply Chain, it facilitates transactions backed by instant trade finance with zero email trading. Distichain’s objectives are to simplify cross-border trading, secure end-to-end transactions, and empower decision-makers with real-time AI analytics.
About GMEX Group
GMEX Group is a set of companies that offer leading edge innovative solutions for a new era of global financial markets by being a global provider of innovative multi-asset exchange trading and post trade business solutions and technology ecosystems. Our key business solutions enable the creation and operation of cost effective electronic exchanges and post trade infrastructure in multiple asset classes including equities, debt, FX, derivatives, commodities, cryptocurrencies and digital tokenised assets.
We operate in both developing and developed markets through the establishment of cohesive business and technology ecosystems. GMEX offers the added benefit of interconnection to multiple partner exchanges, to create global networks of liquidity. The GMEX Market Advancement Programme (MAP) is all about partnerships and creating an ecosystem with exchanges and post trade market infrastructure operators to deliver centralised, decentralised & hybrid solutions in a collaborative fashion.
GMEX Group is comprised of the following key businesses:
- GMEX Technologies is a provider of multi-asset traditional and digital exchange trading and post trade technology through a unique partnership driven approach
- GMEX Fusion – Hybrid centralised & Blockchain Distributed Ledger solutions for trading & post-trade
- GMEX Innovation conducts R&D of technologically advanced new product solutions for exchange trading, clearing and settlement including hybrid and DLT Blockchain solutions delivered by GMEX Technologies as GMEX Fusion
- GMEX Services provides strategic consultancy, implementing services & support for exchanges and market infrastructure providers across asset classes including digital tokenised assets
- GMEX Investments makes selective seed and early stage strategic equity and token investments into market infrastructure and related FinTech companies
About Digital Partners Network
Digital Partners Network (DPN) provides tailored professional services to meet the demands of disruptive businesses, which focus on automation, digitalisation, use of artificial intelligence (AI) and Blockchain technology. These include specialist legal, finance, compliance, corporate structuring, finance, strategic consulting, technology-enabled digital transformation and potential investment through a digital fund.
DPN consists of 4 major partners:
- Digital Associates Ltd – a Mauritian based pan-African law firm providing cross border legal services.
- Digital Corporate Partners Ltd – providing corporate structuring advice, in partnership with licensed entities such as Management Companies/ Corporate Service Providers in multiple jurisdictions
- Digital Finance LLP – providing accounting, finance, strategic advisory and digital transformation services.
- Digital Investment Fund PCC – providing equity investment into leading-edge FinTech firms and Green Finance (equity and debt) investments.
For more information, please visit: www.digitalpartnersnetwork.com
or follow us on Twitter @DigitalPn