The Delaware Board of Trade has opened and entered into an agreement with NextGen Exchange Group that involves blockchain and other types of investment technology.
According to a release, NextGen will transfer 5 percent of its stock to the DelawareBoard Of Trade Holdings, Inc. The board has executed more than 500 trades, according to its website.
Also, Wecast Network, Inc. has acquired 51 percent of NextGen Exchange Group, described as the first Blockchain and Big Data-enabled index exchange, which will reside and operate under Wecast Network’s Wecast Services Group (“WSG”) and become a key component of Wecast’s Transactional Finance Product Cloud business. WCST will pay no money or stock for the stake.
TheDelawareBoard of Trade or DBOT, is an approved and licensed FINRA / SEC regulated electronic trading platform with operations in Delaware.
By using the board of trade’s existing platform, trading system, and technology, NextGen will be the the world’s first Big Data, artificial intelligence and blockchain-based platform to generate a new array of derivative indexes, a release stated.
Digital currency based products and index product trading is expected to begin in the second half of 2017, the release stated.
John F. Wallace, former chairman of the Philadelphia Stock Exchange and principal of the Delaware Board of Trade will serve as Executive Chairman of NextGen.
Wallace stated, “I am very pleased and excited to be participating in this new generation of exchange businesses as NextGen positions itself to become a leading global platform for securitization and digital currencies.”
The board of trade has received an outside investment as well as a loan from New Castle County. Its launch was delayed several times.