Banking firm to trade shares using Amazon blockchain tech

Blockchain Technology

A publicly listed banking firm is working to enable digital trading of its own using a proprietary blockchain platform that is expected to be completed in the next 90 days.

It will make use of Amazon blockchain technology.

BlackStar Enterprise Group will also trade shares of other companies using this platform.

The firm provides merchant banking services to startups with a focus on the blockchain space, and it continues to seek input from regulators over the coming months over this new service that it is about to launch.

The company announced all this in a filing with the US Securities and Exchange Commission, revealing that its BlackStar Digital Trading Platform (BDTP) is on track to be completed by Q2 2021. It uses the underlying technology from Amazon known as Hyperledger.

A working demonstration of the platform simulating cash trading activity was completed last year.

CFO Joseph Kurczodyna, says that the aim of the company is to establish a spot or cash market for investors in public companies, and to even the playing field with leveraged professional investors with this new platform.

To comply with rules for broker dealers, BlackStar is required to partner with or register as an alternative trading system. This, the company says is currently evaluating.

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