On 31st July, SharesPost announced that it has partnered up with Lightyear.io, a technology company that contributes to the Stellar ecosystem. With this tie-up, Stellar Exchange will be added to SharePost’s initiative, the Global Liquidity and Settlement System [GLASS], as an exchange location. This partnership will also allow tokens listed on the Stellar Decentralized Exchange to be traded efficiently in the global trade markets.
Greg Brogger, Founder, and CEO of SharesPost, said:
“Lightyear and Stellar will be key partners for SharesPost as we gear up for the launch of GLASS. With their support and expertise, we will add high-quality assets to the GLASS network and be one step closer to a global system for trading security tokens and tokenized assets.”
GLASS functions with the main objective to enable cryptocurrency exchanges to settle compliant trades in any jurisdiction. The network’s objective is to connect exchanges with registered entities [e.g., broker-dealer, Alternative Trading System, etc.] able to settle secondary transactions in digital securities.
When a member exchange matches a buyer resident in a foreign jurisdiction in a digital securities trade, the exchange will submit the trade for settlement to GLASS. GLASS would then route the trade to the regulated entity in that jurisdiction to determine if it complies with local laws and regulations. With this partnership, the companies aim to target a larger user base and affiliated digital assets. This will enable the growth of assets like private growth equity assets and upcoming security products.
Stellar lumens has been seeing a lot of positive developments over the past few weeks with listings being announced and the token enjoying a surge on the cryptocurrency charts. Reports have shown that XLM ranked first in growth percentage among the top twenty cryptocurrencies last week prior to which the platform had also announced a partnership with Huobi. Stellar Lumens also enjoyed a good run over the previous weeks with reports showing that XLM might be listed on Coinbase.
Boris Reznikov, Director of Partnerships at Lightyear.io, said:
“We believe security tokens will play a key role in shaping what the global financial markets will look like in the next couple of years. We’re excited to be partnering with SharesPost on GLASS to play a key role in the development of this new paradigm.
SharesPost, the company that has taken the initiative for the partnership is an organization that provides “liquidity” to billion dollar valuation companies. The company also offers information feed and information for research purposes.
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