A Singapore-based private exchange, 1exchange (1X), was successfully launched with Equiom Trust Services as its trust administrator.
Douglas Lee, Compliance Director at Equiom, Singapore commented: "Trust was once known as one of the greatest innovations under the English legal system and it has been constantly evolving. Over the years, though tremendously transformed from its origin, trust is still very relevant to the needs of modern businesses. At the other end of the spectrum, blockchain or distributed ledger technology (DLT) is among the latest innovative technologies that seek to solve the problem of ‘trust’ between communication points."
Lee stated that the creation of Singapore's first regulated private securities exchange using blockchain or DLT stemmed from the need of modern businesses for innovation, thus resulting in the strategic partnership between Equiom and 1X.
Lee continued: "What seemed impossible is now operational with Equiom Singapore’s specialisation in trust and 1X’s expertise in capital market services, as well as both firms’ willingness to innovate the private exchange by working with blockchain technology leader ConsenSys. Equiom Singapore is proud to be part of this innovative partnership that marks another milestone in challenging the traditional business landscape with the latest technology."
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