Gibraltar Stock Exchange (GSX) Group’s digital securities platform has tokenized the shares of a client for the first time.

The recently launched blockchain-based venue, GRID, allows for the tokenization of securities using GSX Group’s native STACS network. In this inaugural issuance, shares for adtech firm tribeOS were created and distributed digitally.

STACS is a scalable digital ledger network layer that “stacks on top of existing financial institutions” and facilitates tokenization of the financial services industry, GSX Group said in a press release Wednesday.

“We are excited to have completed the successful digitalization of tribeOS’ shares,” said Nick Cowan, GSX Group CEO. “TribeOS is the first issuer to utilize our GRID venue, and we look forward to welcoming further pioneering companies who wish to push the boundaries of innovation and accelerate the adoption of blockchain within the capital markets.”

With blockchain initiatives like GRID and STACS, GSX Group said it’s working to help move the capital markets away from “the cumbersome and costly legacy infrastructure” and make traditional financial structures more interoperable.

“Our ambition is to deliver dynamic cost-saving solutions, broaden the accessibility of capital, and help issuers in terms of speed-to-market,” Cowan said.

Last year, the Gibraltar Stock Exchange began allowing financial firms to list blockchain-based securities on its GSX Global Market platform. It said then that its existing regulatory permissions from the Gibraltar Financial Services Commission (GFSC) cover the use of blockchain or distributed ledger technology.

“Using the GRID to create and deploy our shares in digital form allows for a quick and cost-effective route into the digital space,” tribeOS CEO Matt Gallant said.

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