The Tel Aviv Stock Exchange (TASE) will reorganize and establish a cryptocurrency platform that will serve as a marketplace for blockchain-based digital assets, such as cryptocurrencies and crypto tokens. The TASE CEO, Ittai Ben Zeev, said that the digital Exchange was expected to launch in mid-2019. According to the announcement of the TASE, “The Digital Assets market is developing at an increasing rate and is expected to become a significant market in the global economy.”
“Together with leading financial institutions, we are taking a big step in creating a platform for new trading in digital assets. I think that in three years, with all the talk about bitcoin, it will be understood that this technology is actually far more important than the cryptocurrency itself,” – Zeev said. “TASE is at the forefront of technological development and is constantly seeking to identify new markets where we can leverage our advantages – technology, regulation, and infrastructure – to establish market leadership.
We are excited to launch and operate the first regulated Exchange for digital trading assets in Israel while providing investors with full protection. We call on investment firms, financial entities relevant companies to join us make this platform successful,” – Zeev added.
The Tel Aviv Stock Exchange (TASE) Puts Plans in Place
TASE is a regulated platform for digital trading assets that will enable the trade of crypto tokens and cryptocurrencies. It will also provide listing services for companies that issue these types of investments.
The platform is expected to be rolled out in 2023 and will offer the same services as regular stock exchanges, such as trading, clearing, settlement, and custody services.
What Could Have Been
Ittai Ben Zeev, CEO of the Tel Aviv Stock Exchange (TASE), announced that the digital Exchange was expected to be launched in mid-2019. The Israeli Securities Authority (ISA) will regulate the platform.
According to Ben Zeev, the TASE will be a marketplace for blockchain-based digital assets and promote investments in these assets. He added that he expected institutional investors from around the world would come to Israel to participate in this market.
Future Goals
The Tel Aviv Stock Exchange (TASE) has announced that it will reorganize and establish a cryptocurrency platform. The move is part of a bid to become the leading financial market in Israel and the Middle East.
According to the announcement of the TASE, “The Digital Assets market is developing at an increasing rate and is expected to become a significant market in the global economy.”
The Exchange said it was seeking to adopt new technologies while staying ahead of changes in regulation that may impact its business model.
A Cryptocurrency Household Name
The Exchange believes that when Bitcoin has become a household name and is no longer seen as the “new” thing in three years, people will understand the importance of blockchain technology. In that time, Zeev hopes the platform will be fully deployed and successful.
Zeev said: “Together with leading financial institutions, we are taking a big step in creating a platform for new trading in digital assets. I think that in three years with all the talk about bitcoin, it will be understood that this technology is actually far more important than the cryptocurrency itself.”
The Tel Aviv Stock Exchange is at the forefront of technological development. It is constantly seeking to identify new markets where we can leverage our advantages – technology, regulation, and infrastructure – to establish market leadership. We are excited to launch and operate the first regulated Exchange for digital trading assets in Israel while providing investors with complete protection. We call on investment firms, financial entities, and relevant companies to join us in making this platform successful.
The TASE began working on a cryptocurrency exchange project at the beginning of 2018 together with Canadian-Israeli start-up BnkToTheFuture Ltd., which specializes in online fundraising for financial tasks. The company will provide expertise in launching this new platform and its proprietary blockchain technology called “BFT DEX.”
See also: What is crypto lending here.
Blockchain Technology For Digital Assets is Growing Fast.
The stock exchange will launch a new platform for digital trading assets, including cryptocurrencies and tokens. The platform is expected to be operational in 2020, the Exchange has announced. As part of this new venture, the Tel Aviv Stock Exchange (TASE) will invest $100 million in blockchain technology and become one of Israel’s first regulated exchanges for cryptocurrency trading.
Blockchain technology allows for peer-to-peer transactions without an intermediary or central authority such as a bank or credit card provider; instead, it relies on cryptography and distributed computing power to create consensus across all users of a particular system. We can use blockchain to record any transaction or data point; it’s most commonly associated with cryptocurrencies because they rely on blockchains to record every transaction.
Cryptocurrencies are digital currencies created through cryptographic algorithms; they’re also known as crypto coins or tokens—the latter term is used when referring to coins that aren’t necessarily cryptocurrencies themselves but have value nonetheless by being linked somehow (e.g., Bitcoin).
Conclusion
The plan by Tel Aviv Stock Exchange (TASE) is a beautiful innovation, especially for a middle-eastern country today. It shows that blockchain technology and the acceptance of cryptocurrency are spreading far and wide. Indeed, in the future, crypto will be the most reliable source of transactions.
Learn about our recent announcement here.
