The Tel Aviv Stock Exchange has good news for cryptocurrency traders

The Tel Aviv Stock Exchange (TASE) announced on October 24 that it plans to build a blockchain-based platform to expand its trading services to cryptocurrencies and other digital assets.

TASE has issued a directive as part of its new strategic plan for 2023 to 2027, which focuses on developing and marketing technological solutions to other exchanges and market participants.

The process is expected to expand the market reach of the exchange and help create a new publicly traded holding company, which would be owned 100% by the exchange.

TASE has set a goal of 10-12% compound annual growth rate for revenue over the next five years, to be achieved through organic growth.

The TASE’s ownership structure could be changed to include a plan for buying and/or investing in areas that would improve its activity, such as acquiring foreign or small exchanges.

A CBDC could help facilitate international expansion

TASE’s plan, which it claims is based on an examination of industry trends, comes just days after the company announced its collaboration with Israel’s Ministry of Finance to develop a blockchain-backed platform for digital bond trading.

It was in September that TASE and the Bank for International Settlements joined forces to explore the use of Central Bank Digital Currencies (CBDC) for international retail and remittance payments.

“The plan anticipates the needs of the market and takes the development and management of innovative services and products to the next level; we will not only partake in the change but aim to spearhead it; we will leverage our home court advantage in Israel to adopt and develop Fintech and position TASE as a hub of services and products. TASE will also build up the local capital market’s activity to match Israel’s economic strength and global activity, utilizing this unique opportunity for growth and expansion of its activity,”
Itaii Ben Zeev TASE’s CEO

Related Articles

Stay Connected


Latest Articles