Seven Stars Cloud Group, Inc. and the Delaware Board of Trade announcedthe first blockchain based Alternative Trading System.
The newly branded trading platform, slated to go into operation on Wednesday, will be branded as DBOT ATS, Powered By Next Gen X.
New York-based Seven Stars bought a stake in the Delaware Board of Trade, due to its work in blockchain, a technology that allows documents to move back and forth in the online world without the danger of alteration.
The Board of Trade is covered under federal securities regulations. Its headquarters is in the Hercules Plaza building in downtown Wilmington.
The State of Delaware has championed blockchain as a technology of the future. The technology has potential uses in incorporation and other areas.
Seven Stars Cloud’s Next Gen X, will “power” DBOT by bringing global digital funding opportunities, offerings and liquidity to the DBOT platform through secondary trading, a release stated.
Fundamental Interactions Inc., which develops market center technology platforms, provides technology to the system.
SSC/Next Gen X is in the process of finalizing its own dedicated ATS platform. This platform will offer a “plug and play”solution that allows expansion to other nations, a release stated.
Seven Stars is headed by Chinese entertainment and business mogul Bruno Wu.
Wu invested a reported $2 million in the fledgling Delaware stock exchange that received a controversial loan from New Castle County under former County Executive Tom Gordon.
The Board of Trade went into operation last summer. Click here for other stories on the Board of Trade.
Seven Stars has denied links to the volatile and largely unregulated bitcoin market. Blockchain is an underlying technology in bitcoin.