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Monday, Apr 15, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Technology

DMG Blockchain and the debut of decentralized financial market infrastructure

The Bosonic Network provides infrastructure that eliminates counterparty credit and settlement risk in digital asset markets.

decentralized
Photo by Kanchanara via Unsplash

DMG Blockchain (TSXV:DMGI) has been onboarded onto and is now actively trading on the Bosonic Network, a decentralized alternative to traditional crypto-markets.

Bosonic uses decentralized financial market infrastructure (dFMI) technology to help DMG and other companies exchange bitcoin to fiat currency at a lower cost than with traditional exchanges. DMG has also agreed to offer Bosonic’s dFMI technology to all members of the Terra Pool.

“We are excited about utilizing the Bosonic Network for the operation of our business, particularly the integration of this with our Blockseer product line which focuses on Terra Pool. The Bosonic Network connects our custodian directly to institutional buyers with no intermediaries and offers a unique, real-time clearing and settlement infrastructure for digital asset trading. DMG has tested the exchange with over two million dollars of bitcoin sold over the past few months, and we are very happy with the results,” said Sheldon Bennet, DMG’s CEO.

Bosonic Enterprise Solutions is a white-label software-as-a-service (SaaS) use of the technology for use in other financial market infrastructure, bank or broker digital asset platform. The Bosonic network and enterprise solutions give strong blockchain infrastructure shaping digital asset markets by eliminating risk and maximizing capital efficiency for hedge funds, family offices, banks, brokers, asset managers and others.

Read more: The Mugglehead technology roundup: crypto in the snow edition

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Bosonic’s entire deal involves dFMI and has since 2016. Now it has offices in San Francisco, New York and London. The company provides infrastructure that eliminates counterparty credit and settlement risk in digital asset markets. The Bosonic Network gives institutional clients a solution that’s liquidity and custodian agnostic, and allows for asset tokenization and collateral.

“We are delighted to welcome DMG Blockchain Solutions to the Bosonic Network, further expanding our ecosystem of key industry participants. Providing institutional clients with access to carbon-neutral mined bitcoin continues our strong focus on ESG and sustainability as we build out the network’s future capabilities,” said Rosario Ingariola, Bosonic’s CEO.

DMG’s partnership with Bosonic brings a number of benefits, including:

  • Cross-custodian trading and transaction settlement from users’ own accounts.
  • Users bitcoin never actually touch a traditional ‘exchange wallet’ therefore ensuring greater security.
  • The ability to set limit orders for both buy and sell transactions.
  • Real-time monitoring of the bid-ask relationship from an aggregation of streams from top exchanges and market makers instead of going through quotes from intermediaries. Useful for arbitrage purposes.
  • Instantaneous settlement for buy and sell transactions and fast transfer of BTC to fiat.
  • Self-service exchange with reduced fees instead of a traditional OTC desk.

Decentralized markets and mining

The Bosonic deal is the latest in a series of moves that have pushed DMG ahead of its competition. The biggest of which is the launch of the Terra Pool.

Terra Pool is a cryptocurrency mining platform focused on clean energy and run by DMG’s software company subsidiary, Blockseer. It’s there to facilitate the shift to clean energy and reduce the overall impact bitcoin mining has on the environment. The Terra Pool collects computing power of individual miners and spreads the rewards and transaction fees out among the participants.

DMG has recently opened the Terra Pool to other bitcoin mining companies.

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