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Thursday, October 21, 2021
Home News Sydney Stock Exchange Building New Blockchain Trading System

Sydney Stock Exchange Building New Blockchain Trading System

Australian newspaper the Sydney Morning Herald, has reported that the Sydney Stock Exchange (SSX) is developing a private equity market solution using Blockchain technology that will initially look to facilitate the trade of private stocks, but will eventually open the system up to publicly traded stocks. 

built with the help of consultants Bit Trade Labs, they hope to complete the system in early 2018 and SSX hopes to sell versions of its system to small commodities exchanges, many of which have settlement times of up to a month. SSX settlements will be virtually instantaneous.

From the Herald:

“We will start with a private secondary equity market for venture capital and crowdfunded startups to register on our exchange,” said SSX’s chief consultant on the project, Loretta Joseph.

She said SSX had been working on the project for a year but claimed the government’s move to open competition in clearing and settlement encouraged them to do it.

“We will then move to a public secondary market. VC and crowdfunding are private little markets. It will give them another market that they can come to.”

 

Richard Kasteleinhttps://www.the-blockchain.com
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, 'The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, the Netherlands where he has set down his anchor to raise a family and write. Founder and publisher of industry publication Blockchain News (EST 2015) and director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published in Harvard Business Review, Venturebeat, Wired, The Guardian and a number of other publications. Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.
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