GMEX targets crypto markets with Fusion launch

Blockchain-powered service created to help traditional and crypto exchanges with technological challenges.

GMEX Technologies has developed a centralised, blockchain-powered exchange and post-trade service to meet demands from cryptocurrency exchanges.

Fusion offers a combination of GMEX’s technology with distributed ledger technology, providing a hybrid trading and post-trade service for exchange groups, clearing houses and central securities depositories.

It was created to support technological developments across the industry, and to address the demands from crypto exchanges and emerging market countries looking to improve operations.

GMEX Technologies stated crypto exchanges want to expand liquidity and attract new participants, but face regulatory and technological challenges implementing a strategy to achieve this.

Furthermore, traditional exchanges are currently looking to introduce blockchain technology but venues require support to integrate it with existing systems.

“We have created Fusion to address the increasing need for centralised and distributed technology to be implemented together,” said Hirander Misra, CEO of GMEX Group and chairman GMEX Technologies.

“We are delivering the latest blockchain… to ensure that the current world of centralised systems and new world of distributed enablement can coexist in parallel as part of a unique game changing hybrid paradigm.”

GMEX previously ventured into the cryptocurrency trading marketplace, after swap execution facility and commodities exchange Seed CX implemented its matching engine and market surveillance tool.

Seed CX received a strategic investment from cryptocurrency trading platform Bittrex in December, and is currently onboarding institutional participants ahead of the launch of its spot and derivatives crypto trading platform later this year.

“The current crypto trading eco-system suffers from fundamental issues including the lack of basic controls and redundancy, which leads to frequent flash crashes and system downtime,” said CEO at Seed CX, Edward Woodford.