Tel Aviv shares change to create its own crypto platform
The Tel Aviv Stock Exchange (TASE) has recently announced its plans to create a crypto platform. It also mentioned that it would reshape the ownership structure of the crypto or blockchain-based platform.
The idea behind the launch of the platform is to implement a strategy to create more opportunities for crypto trading to come up to international standards.
This plan is part of the strategy for digital assets spread over 2023 to 2027. TASE was listed on the stock exchange in 2019.
It stated that it was moving to form a new listed holding company that would own 100% of the exchange, which would become a private company.
The exchange’s subsidiaries will then be units in the new holding company.
TASE stated about the formation of the crypto platform,
TASE will promote the implementation of innovative technologies, including DLT, tokenization of various classes of digital assets and smart contracts. TASE intends to explore several potential action plans, including converting existing infrastructure to innovative technologies, deploying innovative technologies to specialized platforms, offering a basket of services and products for digital assets, and more.
What does the new strategy involving crypto include
The new strategic plan that TASE has drawn up has a five-year compound annual revenue target for growth that varies between 10% and 12% of organic growth.
The restructuring of TASE’s ownership constitutes “the implementation of a plan for strategic purchases and/or investments in its business areas and/or in areas that add value to the business”, as mentioned by the company.
Along with this, it can also include the acquisition of foreign and small stock exchanges.
The plan created by TASE has been based on analyzing industry trends.
This came after the company had announced a partnership with Israel’s Ministry of Finance to test a blockchain-backed platform for digital bond trading.
These bonds will be issued under the name Eden by the Ministry of Finance. This particular project has been aimed at bringing down costs and better managing the issuance of national bonds.
Other partnerships
TASE also announced a partnership with the Bank of International Settlements this year. In addition, it has also entered into cooperation with other central banks.
The partnership with other central banks was to explore the use of the central bank’s digital currencies for international retail and remittance payments.
The collaboration is called Project Icebreaker, which involves testing key features and the technological feasibility of connecting domestic CBDCs via proof-of-concept systems.
CEO of TASE, Ittai Ben Zeev, mentioned,
The next five years are a critical window of opportunity for TASE to play an active role in the technological revolution of the global capital markets; the plan anticipates market needs and takes the development and management of innovative services and products to the next level; we will not only take part in the change, but aim to spearhead it; we will utilize our home field advantage in Israel to adopt and develop Fintech and position TASE as a hub for services and products.
Featured image from UnSplash, chart from TradingView.com
