The First Prime Brokerage To Be Launched On Corda Network

A team of former blockchain engineers and researchers at the Royal Bank of Scotland (RBS) in collaboration with the London brokerage agency launched a platform for trading and settlements with digital assets based on Corda Network, the open-source public blockchain system developed by banking consortium R3.

The platform offering was called Digital Asset Shared Ledger or DASL. The LAB577 development team worked with the prime brokerage agency BCB, which will be the first digital asset prime brokerage to offer trading services through the Corda network.

The DASL ledger will help ensure high-speed bi-lateral transactions with total privacy between the parties. BCB will hold client assets, fiat and crypto, while the mirror transactions will be conducted on Corda. Thanks to Corda's built-in compatibility with other business networks, transactions are made instantly and simultaneously. Former Director of Innovation at RBS, Richard CROOK, noted that the goal of DASL is to help regulated financial institutions to get the opportunity to work with digital assets.

David E. RUTTER, chief executive of R3, said that Corda is the perfect home for these “next-generation” markets:

“We’re confident that tokenisation has potential to make rapid improvements to the way markets operate. BCB Group’s work is making a significant contribution to this by setting up key brokerage infrastructure, making these nascent markets more appealing to investors.”

Image courtesy of Criptoninjas