Germany's Deutsche Börse purchased a minority stake in its blockchain solutions partner HQLAx, a financial technology firm, for an undisclosed amount. However, Deutsche Börse said it is an initial investment of a "single-digit euro million."
Following the deal, Deutsche Börse will have two seats on the HQLAx board.
In late March, Deutsche Boerse had partnered with the financial management firm HQLAx to develop a blockchain-based solution for efficient securities settlement using distributed ledger technology (DLT) consortium R3's Corda blockchain platform.
The collaboration is expected to allow market participants to redistribute collateral liquidity more efficiently by improving interoperability for pools of securities residing in multiple, disparate settlement systems and locations.
Deutsche Börse may buy further stake in HQLAx around year-end. The companies have already made significant progress in developing the solution in the past five years.
The investment in HQLAx is being managed by DB1 Ventures, the corporate venture capital (CVC) arm of Deutsche Börse.
In early March, HQLAx, together with Credit Suisse and ING, had completed the first live securities lending transaction settlement using the Corda blockchain platform.
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