EquiChain launches new blockchain platform for capital markets
London-based fintech firm EquiChain has unveiled a working prototype blockchain platform for capital markets.
The company plans to implement a full end-to-end “execution to custody” (E2C) pilot in 2017, as it jumps on the distributed ledger technology (DLT) bandwagon
Nicholas Bone, EquiChain’s founder and CEO says it “creates a verifiable, transparent and immutable flow of information, facilitating direct interaction and enabling the streamlining of market processes”.
Its prototype is a hybrid system which consolidates the functions of a securities transaction such as an asset manager, custodian, broker, exchange and central securities depository.
Along with the platform launch, it also announced the closing of its initial funding round, secured from its board members, advisors and “close stakeholders”.
EquiChain gets support from asset managers such as Henderson Global Investors and Legal & General Investment Management, who both sit on its “Institutional Working Group”. In the Middle East, it is supported by the Abu Dhabi Global Market, Bahrain Bourse and Qatar Stock Exchange.
Bone founded EquiChain in 2015 and currently serves as the CEO. He has 20 years’ global banking expertise spanning operations, product development, network management, sales and relationship management, with a “specialism” in emerging markets. He has previously served at the Bank of England, Deutsche Bank and BNY Mellon.