On Monday, the Tel Aviv Stock Exchange (TASE) announced changing its ownership structure and developing a blockchain platform to support cryptocurrency trading.
The TASE, the sole public trading platform for debt and equity, declared on Monday through a strategy document that it would establish a trading platform for digital assets based on blockchain technology. In the next five years, the document aims to accomplish four objectives.
The TASE will research the use of distributed ledger technology (DLT) for record-keeping, smart contracts, and tokenization to enhance the current market infrastructure and provide digital asset “services and products” to “promote the implementation of innovative technologies.” Itai Ben-Ze’ev, the CEO of TASE, said:
We will leverage our home court advantage in Israel to adopt and develop fintech and position TASE as a hub of services and products.
We see in the next five years a critical window of opportunity for the integration of the Israeli Stock Exchange in the technological revolution that the world’s capital markets are going through.
As a result of the initiative, the TASE anticipates compounded annual revenue growth of 10% to 12% through 2027.
Earlier this month, the Israeli government announced plans to issue blockchain-based bonds in collaboration with the TASE, a digital asset custody provider, and the U.S.-based software solutions developer VMware. The platform’s technical execution will be handled by Fireblocks and VMware, but the Tel Aviv Stock Exchange will inevitably lead the project.
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