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SA crypto exchange launches online marketplace

SA crypto exchange launches online marketplace

South Africa-based cryptocurrency exchange Data Interchange Module (DIM) says its Hybrid Stock Exchange (HYBSE) platform is set to go live on 20 March 2019 for equity trading starting with issuers and users registration, including KYC processes.

This follows its recent acquisition of a clearing agent license from the Kingdom of Lesotho which enables the platform to accommodate settlements, clearing, custodian and money markets.

The HYBSE is the online marketplace for global issuers and users that provides tradable cryptonised equities. The platform aims to consolidate brokers, clearing houses, custodian escrows and settlements activities into one package.

It assumes the role of a central equity custody and functions as central counterparty, through which financial transactions between different parties are handled and cleared on a global scale.

According to DIM, Lesotho's approval has helped to introduce a global financial transaction solution based on Distributed Ledger Technology (DLT) and banking technology.

In addition to clearing, settlements, new e-money (D-currencies), and hyper-matching engine, the product is also connected to SWIFT to make all transfer transactions (monitored by JV partner GMEX)possible worldwide under one minute.

The launch marks HYBSE functioning as a business with the relevant approvals from regulators and the central bank. It also brings real value addition to the DIM Ecosystem (DIM-E) as it would present a use case.

The DIM-E has several components and offerings that can be managed through online wallets such as DEPOTWALLET, DIMWALLET and DIMPAY. They include DIM Coin which is the first to offer entrance into the DIM-E.

It acts as a speculative coin for the ecosystem and the only cryptocurrency used for fees on the trading platform.

Others include the DIM Token which allows its holders to earn from transaction fees (represents 30% of transfer fees) on the HYBSE as it grows. It also gives holders voting rights and make suggestions on crucial issues. DIM X is an exchange that brings the different cryptocurrencies onto one blockchain.

There is also DIMPAY, the e-commerce tool for merchants and users that will accept and use DIM Coin and DIM currencies as a payment method as a PoS service while DIM Node Token enables holders to run nodes to confirm transactions (represents 40% of transaction fees).

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