Multi-chain infrastructure operator GATENet, a GSX Group initiative, teams up with Polymath to operate a node on their blockchain and assist in its security
TORONTO, Sept. 8, 2021 /PRNewswire/ — GATENet, a GSX Group initiative with a vision to build on-chain financial market, settlement, and registry solutions, has become the newest node operator on the Incentivized Testnet (ITN) for the upcoming Polymesh blockchain. Engineered by Polymath, Polymesh will be the first blockchain purpose-built to meet the needs of capital markets. The blockchain relies on verified entities like GATENet to run nodes to keep the chain secure.
On a blockchain, data is stored on a node, which functions like a server and contains a copy of the blockchain and its transaction history. Node operators essentially run the chain’s software by validating new blocks written to the chain and broadcasting them to the network. As a permissioned blockchain built with compliance and security specifically in mind, node operators on Polymesh must be verified capital markets participants such as GATENet.
GATENet is a multi-chain digital financial market infrastructure that supports developing a smart securities exchange network for both GSX Group and third party exchanges and institutions. GSX Group is a global digital exchange ecosystem for the issuance, trading, and settlement of tokenised securities. Recognizing that collaboration would be the key to transforming capital markets with blockchain, GSX Group built GATENet to develop the back-end for their own exchanges plus others in a way that enables multi-chain use.
“Transforming capital markets through blockchain technology will take a long time if you’re only focusing on legacy infrastructure, but there can be tangible change through innovation and collaboration” says Nick Cowan, CEO of GSX Group. “We believe a multi-chain approach provides more flexibility for Issuers, can generate more interoperability between exchanges, and can remove inherent risks in the current financial model and reduce costs for market participants. We are thrilled to team up with Polymath to run a node on their network, especially as the chain is built with increasing market adoption in mind”.
Polymesh is an institutional-grade permissioned blockchain built by Polymath specifically for regulated assets. It streamlines antiquated processes and opens the door to new financial instruments by solving the inherent challenges with public infrastructure around identity, compliance, confidentiality, and governance. Polymesh has been in testnet phase since the ITN went live in April. To date, over 1 million blocks have been written on the ITN.
“We built Polymesh–a new purpose-built blockchain–to enable capital markets to take faster advantage of the transformative power of blockchain technology,” says Chris Housser, Interim CEO of Polymath. “Collaborating with other capital markets participants is crucial in this mission, and we’re excited to welcome GATENet to our network of node operators on the Polymesh testnet”.
About GSX Group & GATENet
The GSX Group is a fintech focused institution that is developing multi-chain trading venues for digital securities and digital assets using blockchain technology. To that end we remain wholly focused on creating a global network of digital asset exchanges through strategic partnerships, supported by our digital financial markets infrastructure (FMI) operated by GATENet, a GSX Group subsidiary. The vision is to provide a single point of access for the digital securities lifecycle from issuance, listing, trading to settlement, providing a new market for securities, fiat and crypto for issuers, market participants and investors
Polymath makes it easy to create, issue, and manage security tokens on the blockchain. More than 200 security tokens have been deployed using Polymath’s Ethereum-based solution. Polymath is currently engineering Polymesh, an institutional-grade blockchain built specifically for regulated assets. It streamlines antiquated processes and opens the door to new financial instruments by solving the inherent challenges with public infrastructure around identity, compliance, confidentiality, and governance.
Polymath is not a broker-dealer, funding portal, trading platform or otherwise engaged in the business of trading in securities or providing advisory services regarding the issuance, buying or selling of securities. Polymath is not making any recommendation or giving any advice with respect to any company or proposal discussed in this communication.
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