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Clyde Rodriguez, CIO & CTO of EngineeringIt’s also big news for Digital Asset, or DA, the global software firm whose Digital Asset Platform, a DLT solution that uses blockchain technology, was selected by the ASX to replace the exchange’s post-trade infrastructure.
“Market infrastructures need to become more efficient and flexible to bring new products to market faster, develop new functionality and services for customers, and respond to the ever-changing regulatory landscape,” says Clyde Rodriguez, who joined the firm last year as its CIO & CTO of Engineering. “Our DLT solution enables innovation by mutualizing market processes across distinct participants, increasing transparency and analyzability of market data without sacrificing confidentiality and scalability.”
This can be a huge advantage to organizations like the ASX, because the siloed systems used in post-trade operations today to record transactions and account for the transfer of value pose many challenges due to the need to reconcile each transaction across these systems -- a costly and laborious process. DLT platforms are designed to give market participants a comprehensive and up-to-date view of market transactions on a shared ledger -- a single source of truth -- from which all participants can validate and confirm transaction and account status.
Rodriguez points out that working with the ASX on their CHESS replacement system has been a rare opportunity to build a product to real-world, production grade specifications right from the start. “By working hand-in-hand with the ASX, we were able to understand early on that some of our initial design assumptions would not meet the requirements of complex, systemically consequential markets. It gave us the opportunity to produce a platform that can satisfy the requirements of one of the world’s top-10 exchanges.”
In addition to their DLT platform, DA has developed DAML, a powerful language purpose-built for modeling financial contracts. DAML was specifically designed for distributed ledgers and eases the developer’s burden in turning complex, real-life, multi-party agreements into ledger code.
Our DLT solution enables innovation by mutualizing market processes across distinct participants, increasing transparency and analyzability of market data while still maintaining confidentiality and scalability
DA has been sharing the DAML SDK with a number of clients and partners so that they can build their own applications for the platform, and intends to widen availability to an increasing number of developers throughout the year.
Together, the DA Platform and DAML will enable financial institutions to rapidly introduce new products and make necessary changes as needed, a departure from the rigid and compartmentalized systems in use today. And since the platform seamlessly integrates with existing operational infrastructure, applications built on the DA Platform are future-proof and designed to minimize any disruption to existing trade and settlement workflow.
“Market governance is something that we’ve had to think a lot about as we build to the production requirements of a mission critical system,” says Rodriguez, who joined DA after serving as a co-CTO of major quantative hedge fund, Two Sigma. He also spent 20 years building enterprise software and cloud platforms at Microsoft. “Seemingly simple things like who defines the market rules and how they are propagated to the network become a lot more complex when dealing with a mission critical piece of distributed infrastructure. Working with the ASX is helping us prepare our platform to perform in the real world.”
To date, DA is predominantly known for its work building systems for central, highly-regulated authorities like the ASX and The Depository Trust & Clearing Corporation (DTCC), but its technology stack is equally applicable to more decentralized, open ecosystems. Going forward, Rodriguez says DA intends to address use cases beyond market infrastructure and post-trade operations. “The benefits of frictionless value transfer extend far beyond our current focus. As we solve the hard problems related to production deployment in one of the most technically challenging settings we intend to apply our insights and innovations to new markets,” he says.
Goldman Sachs’ Tokenization Platform GS DAP™, Leveraging Daml, Goes Live
Friday, January 19, 2024
NEW YORK --Goldman Sachs recently announced that the bank’s new Digital Asset Platform, GS DAPTM, is live– one year into their engagement of Digital Asset.
GS DAPTM is developed on top of Digital Asset’s Daml smart contract language and Canton, its privacy-enabled blockchain. Daml-based tokenization platforms, such as GS DAPTM, capture the full complexity of rights, obligations, and cash flows throughout the lifecycles of assets. They can also make the digital representation and workflow accessible and fully automatable across distributed interconnected ecosystems of participants. Additionally, Digital Asset ensures that data is only shared with entitled stakeholders with its privacy protocols while supporting the scalability necessary to connect assets globally.
“Our goal from the outset has been to help our clients realize the benefits of end-to-end digital lifecycle processing across tokenized assets, digital currencies, and other financial instruments,” said Mathew McDermott, Global Head of Digital Assets at Goldman Sachs. “We are pleased to bring this Daml-based solution to market and continue to find efficiencies that will improve the velocity of transactions. For example, by reducing the typical bond issuance settlement time for the European Investment Bank from T+5 to T+0 at a speed of sub-60 seconds with cross-chain atomic Delivery versus Payment (DvP) settlement in this inaugural issuance, we show how transformative this technology can be to the financial markets.”
According to a statement from the European Investment Bank (EIB) in November, the inaugural issuance on GS DAPTM – a 100-million-euro, two-year digital bond – also marked the first fully digitally native bond with same day settlement and also the first syndicated digital bond issued by a public institution to be admitted on the Luxembourg Stock Exchange’s Securities Official List.
“The past few years have been transformational for blockchain ecosystems, with the technology’s ability to solve real problems for financial institutions being validated,” said Yuval Rooz, Co-Founder and CEO at Digital Asset. “Goldman Sachs has taken the right approach to tokenization and the underlying blockchain technologies necessary to support this new market. As an early adopter of the technology, Goldman Sachs is paving the way for the future of financial services. We are excited this platform has reached the market and look forward to its continued evolution.”
Goldman Sachs is one of a number of Digital Asset clients that have gone into production with Daml-based DLT solutions.
Ownera and Digital Asset Partner to Offer Tokenization Routers Providing Connectivity to Assets on the Canton Network
Friday, July 26, 2024
LONDON, UNITED KINGDOM,-- Ownera, provider of the leading tokenization interoperability network based on the open FinP2P protocol, and -- Digital Asset, software provider for the largest blockchain ecosystem for real-world assets, have partnered to offer scalable industry-wide distribution of tokenized assets to all market participants.
With this partnership Ownera's routers will now feature a built-in Canton node, enabling interconnectivity with the Canton Network and its ecosystem of tokenization applications and digital assets.
By embedding Canton nodes into Ownera’s routers, Ownera will provide native access for buy-side institutions and custodians to the Canton asset ecosystem. This integration will also enable interoperability with numerous asset and payment platforms operating on both legacy systems and various blockchain networks, including private and public ledgers.
Applications built for the Canton Network will also benefit from wider market distribution, enhanced liquidity, diverse payment options, and a range of other securities services offered through the Ownera network.
This collaboration exemplifies the industry’s commitment to an open approach, ensuring that tokenization fulfills its potential to transform global markets. Currently, billions of dollars of high-quality assets are being tokenized by leading institutions on platforms such as Canton. Ownera is dedicated to connecting this asset supply to buy-side demand, payment services, and other regulated asset servicing functions.
Yuval Rooz, co-founder and CEO of Digital Asset, added, “The Canton Network has brought together the largest value of tokenized real-world assets of any network in the world. Extending the utility of these assets within Canton to complementary ecosystems of tokenized assets is key for users of Canton Network. We look forward to collaborating with Ownera to connect the Canton Network ecosystem to tokenized assets across other networks.”
Ami Ben David, founder and CEO of Ownera commented, “We believe that cross-market interoperability is crucial for the scalable growth of the tokenized ecosystem. Our focus is on connecting tokenized supply, demand and services wherever they are. With this partnership we can now offer our buy side and custody clients direct native access to the Canton network, and give Canton users access to additional distribution, liquidity, and services utilizing Ownera’s routers such as payment, custody, data, transfer agents, CSDs and more.”
Company
Digital Asset
Management
Clyde Rodriguez, CIO & CTO of Engineering
Description
Digital Asset offers DLT, blockchain-based solutions to financial institution to navigate through the complex capital market spectrum
