Today FinClear, one of Australia’s largest settlement firms for listed securities, has gone live with a blockchain-based platform for tokenized unlisted securities, FCX. It uses Digital Asset’s Daml smart contract language, the same used in the stalled ASX CHESS replacement.
One of Australia’s big four banks provides a facility to automate money movement between a bank account and cash tokens in an FCX wallet. The tokenized cash is then used to settle equity purchases instantly and atomically. We don’t know which bank is involved with FCX, but ANZ was involved in a stablecoin project earlier this year.
Stepping back, FCX enables private firms to use the platform to issue new tokenized stock to investors. Underpinned by distributed ledger, a company can manage the entire process, including the offer information, documents and settlement, providing permissioned access to potential investors. Once an investor pays for the stock, it appears instantly in their FCX wallet. The issuer can keep tabs on the entire process.
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