DeFinity announces European Family Office FX Settlement Collaboration

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May 27, 2021, 03:33 ET

LONDON, May 27, 2021 /PRNewswire/ -- DeFinity, a decentralised finance (DeFi) marketplace for fiat foreign exchange, tokenised currencies, and central bank digital currencies (CBDC), engages with Montgomery Lake (UK) to enable a network of European family offices to implement a near real-time FX settlement ecosystem.

Montgomery's existing technology infrastructure and investment in over-achieving FinTech businesses provides for a well-suited launchpad for Europe's established family offices to take advantage of DeFinity's FX settlement ecosystem.

Manu Choudhary, Chief Executive Officer of DeFinity, says: "We are excited to have partnered with Montgomery Lake at this time. This partnership will enable a range of family offices to settle and clear their foreign exchange deals with us."

DeFinity is a layer-2 protocol and decentralised exchange solution that utilises existing blockchain frameworks, including WeOwn, Ethereum, Polkadot, Binance Smart Chain, and Cardano. With a focus on interoperability, the ambition is to create a more inclusive decentralised ecosystem that helps to bridge the old with the new.

Buy-side clients often face the issue of credit access wanting to trade on primary markets. The DeFinity solution enables clients and market makers to transact swiftly and efficiently, removing third-party intermediation fees.

I.J Piekarska, Managing Director of Montgomery Lake (UK), adds: "Our aim is to provide clients, shareholders, and stakeholders with long-term returns. We strive to connect our family office network with suitable technology solutions. DeFinity's ambitious plans for the future and their innovative approach to resolving some of the biggest issues in FX (the largest financial market) has attracted interest from our underlying investors."

The pilot project is to last twelve months during which a range of buy-side clients will participate in integrating its EMS and OMS systems with DeFinity, facilitating spot FX transactions. The collaboration aims to include NDFs and Forward contracts in the near future.

Florian Batliner-Staber, Chief Product Officer of DeFinity, concludes: "As part of our product development roadmap, we seek to engage in cross-border European regulatory conversations with central banks and authorities to create a harmonious and future-proof framework catering for transparency, financial inclusion, and market efficiencies that are currently being developed."

About DeFinity

DeFinity (definity.network) is a financial technology firm, specialised in traditional and digital FX, that is designing to operate a decentralised exchange, using smart contracts with a focus on real-time settlement. Harnessing the power of decentralisation within a strong regulatory framework, the firm is specifically geared towards the future support of central bank digital currencies and decentralised financial services for FX.

About Montgomery Lake (UK)

Montgomery Lake creates its own technology platforms to benefit the institutional market segment, including some of Europe's most established family offices. Our trading infrastructure, connectivity ecosystems, and market data distribution gateways allow for effortless access to tier one marketplaces. We acquire intellectual property through direct investments in over-performing European FinTech companies that use complementary technology to our own.

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SOURCE DeFinity