9^th Gear Technologies, the FX platform using blockchain to provide intra-day credit and same day settlement, is a step closer to launch after it successfully completed its first test trade between 2 counterparties on the 9th Gear platform.

The USD/CAD trade was completed yesterday (11^th February) in the MarketFactory Test Lab environment.

The successful test trade confirmed 9th Gear's ability to connect 2 counterparties and trade and settle an institutional FX transaction in T+0 with the balances settling in real time on the blockchain.

"Settling a currency trade in T+seconds dramatically transforms delivery and counterparty risk," said John DaCosta, SVP, Strategy and Innovation, 9th Gear Technologies.

The 9th Gear blockchain is built on JP Morgan's Quorum protocol which provides 9th Gear and its customers the speed and security required for financial services transactions.

“We would like to thank Darren Jer, CEO at MarketFactory Inc. and our two counterparties who worked together with us to make this trade a reality. We are energized by this milestone and the reality that 9th Gear is positioned to modernize FX,” said Maryanne Morrow, CEO and Founder 9th Gear Technologies.