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.
