KUALA LUMPUR, Aug 16 (Bernama) -- Huobi, China’s largest cryptocurrency and blockchain token exchange and second largest worldwide, has joined the Global Liquidity and Settlement System network (GLASS) and made an equity investment in SharesPost.
SharesPost is a leading provider of liquidity solutions to the private growth asset class while GLASS is a decentralized liquidity and settlement network for crypto trading platforms and exchanges.
When GLASS becomes operational, Huobi will be able to settle secondary trades of digital securities by U.S. investors in compliance with U.S. securities laws.
SharesPost in a statement said Huobi will also be able to pool its nine million customers’ buy and sell orders with other exchanges using GLASS on a trading pair by trading pair basis.
Originated by SharesPost, GLASS is designed to be the blockchain community’s shared compliance and settlement infrastructure. Each country will have licensed entities, like SharesPost’s U.S. Alternative Trading System (ATS), on the GLASS network.
When trading platforms like Huobi match an offshore client in a digital securities trade, they can submit the trade to the network’s licensed entity in the client’s home jurisdiction for compliant settlement.
Originated by SharesPost, GLASS is designed to be the blockchain community’s shared compliance and settlement infrastructure. Each country will have licensed entities, like SharesPost’s U.S. Alternative Trading System (ATS), on the GLASS network.
When trading platforms like Huobi match an offshore client in a digital securities trade, they can submit the trade to the network’s licensed entity in the client’s home jurisdiction for compliant settlement.
Founder and chief executive officer of SharesPost, Greg Brogger said: “It signals the start of the next stage of development in the digital securities market, and we expect it will go a long way to clearing the cloud that the absence of a legitimate global compliance solution has cast over crypto markets for the last year.
“Because of Huobi’s proven ability to innovate for their enormous investor base in China and throughout Asia, we can imagine no better partner in our mission to create a compliant, efficient global marketplace for all types of private growth company securities,” he added.
Chief executive officer of Huobi Eco, Wang Run said becoming a member of GLASS will provide Huobi a way to serve customers in every jurisdiction as well as serving as an important milestone for the establishment of the Huobi Global Ecosystem.”
No comments:
Post a Comment