DeFinity declares first FX trade to its permissionless layer-1 blockchain

DeFinity, a decentralized DeFi exchange, has announced the world’s first settled cash FX trade inscribed to its permission-less layer-1 WeOwn blockchain.

Commenting on the recent accomplishment, Co-Founder and Chief Revenue Officer of DeFinity Markets, Michael Siwek quoted that DeFinity boasts of vast and underpinned opportunities across the digital and traditional asset classes by adopting blockchain technology. This process of printing steady cash FX & digital asset transactions to the blockchain ecosystem has come at the most opportunistic moment when the firm recently announced its Cobalt partnership.

It has been reported that the OTC foreign exchange market has been impervious since its electronification in the late ’90s. As a result, the prices differ across venues, making it difficult to begin an even execution benchmark.

Co-founder and COO of DeFinity Markets, Ashwind Soonarane, says that the firm is proud of installing its technology at such an exhilarating time for the digital assets and blockchain space, helping the institutional clients to attain and hold full transparency around best implementation practices.

Notably, fully disclosed data can be recorded in real-time or deferred for protecting proprietary strategies. In addition, clients can tailor some service components to satisfy their needs around internal and external reporting requirements.

Manu Choudhary, Co-Founder and CEO of DeFinity Markets cited that DeFinity is amazingly privileged to operate on one of the fastest third-generation, layer-1 blockchains, which affords the platform to be highly-scalable, focused on transparency and decentralization, and performance-driven.

For the uninitiated, DeFinity provides counterparties with the ability to trade and record the complete lifecycle on the layer-1 blockchain.

Furthermore, with the exclusive hybrid architecture of the WeOwn layer-1 blockchain, the service users can opt-out for permissionless channels and, as an alternative, can retain complete privacy with a permissioned blockchain, sharing data with regulators, selected counterparties and third-party analytics vendors.

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