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Coinsetter, the New York-based exchange, has introduced “Project High Line” and its new “On-Blockchain Settlement” system that enables Coinsetter’s users to settle trades directly on the blockchain.

 

Project High Line will make the settlement of bitcoin and other digital assets more transparent and easier to control as fewer intermediaries will be involved in the settlement process, a post on Coinsetter’s blog claims. With the blockchain technology, Wall Street traders will be able to buy and sell bitcoin on the Coinsetter exchange with “a line-of-sight view” of their fund transfers.

The new system will track trade transactions as well as related ownership and balances on the blockchain. All the data of the entire trade process will be hence recorded from the moment of execution till the full settlement is achieved.

The details of the technology and its implementation into the blockchain has not been revealed yet. Although bitcoin’s blockchain is faster than traditional trading systems, it is not fast enough to support real-time securities trading. A Coinsetter representative admitted on Reddit that this problem regarding the blockchain “pretty much addresses one of the biggest challenges of implementation”. “Our architecture takes this issue into account,” they added .

Jaron Lukasiewicz, CEO of Coinsetter, said that

“trades made in markets across Wall Street today are cleared using opaque systems that, while potentially trustworthy, are simply outdated. Trades in many markets, for instance, are still not settled in real-time. Project High Line will introduce mechanisms that settle trades in near real-time, 24/7.”

The name of the project draws on the New York City’s High Line Park, which was built over obsolete railway tracks and became one of the most original and valuable recent additions to downtown Manhattan. The blockchain technology similarly reforms outdated clearing and settlement rails, Coinsetter believes.

Coinsetter offers margin trading and other tools for trading based on the Wall Street professional experience for firms and individuals. One of the features of the Coinsetter exchange is that it allows clients to execute trades prior to sending a bank transfer.