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APXS announced the blockchain settlement and registration initiative in May this year, initially for application at APXS sister company the Sydney Stock Exchange’s equities and private markets platforms.

APXS distinguishes itself by taking a collaborative approach with industry and market participants. Demonstrating this open approach, the development has been done in collaboration with BoardRoom Pty Limited, a Sydney based share registry service.

APXS intends to extend the smart register beyond equity securities to commodities markets, opening up opportunities for government and industry to transform markets currently hampered by antiquated structures and technology.

APXS is now evaluating the appropriate infrastructure for its production environment and is now working with leading industry assurance and cyber security experts to develop verification methodologies to address systemic risks.

APXS CEO David Lawrence said, “We are working with government, regulators, the Australian Digital Currency and Commerce Association (ADCCA) and our expanding group of industry partners to deliver innovative solutions using new technologies. Our ongoing program of development highlights the need for a technology agnostic regulatory environment to fully maximise the value of the emerging technology and competition.”

Jonathon Miller, Director of Bit Trade Labs, said “Even at the early stages of this project we have found that taking a bold approach to development and working closely with collaborators is yielding exciting results. The scale of value and efficiencies that can be achieved through the use of a smart register promise to far exceed our initial expectations.”

Tony Sacre, CEO of Sydney Stock Exchange (SSX), said “SSX is looking to be a leader in the provision of markets for emerging technology companies, filling the void for this sector being exacerbated by ASX changes to its listing rules. We think the adoption of an innovative settlement and smart register service is well aligned with this objective.”

APX Settlement (APXS) is a joint venture between the Asia Pacific Group Holdings Pty Limited, owner of the Sydney Stock Exchange, and Bit Trade Labs.