London Stock Exchange to pioneer blockchain-based trading venue for traditional assets

cyptouser7 months agoSpot Exchanges182

London Stock Exchange to pioneer blockchain-based trading venue for traditional assets

The London Stock Exchange (LSE) Group is developing a blockchain-based trading venue for traditional financial assets, the Financial Times reported on Sept. 4.

LSE’s head of capital markets, Murray Roos, revealed that the company decided to move forward with its plan after a year of diligent exploration and has appointed Julia Hoggett to lead the initiative.

Roos clarified that the company’s primary focus lies in harnessing blockchain technology to optimize the management and transactions of conventional assets rather than venturing into cryptocurrency-related ventures.

The executive emphasized that this blockchain-powered initiative is set to become the inaugural endeavor of its kind among major global stock exchanges, providing a comprehensive ecosystem for investors.

Highlights the role of regulation

Ross further underlined how the conventional procedure complicates transactions involving individuals across various jurisdictions. In contrast, leveraging digital technology promises to streamline these processes, rendering them more efficient, cost-effective, and transparent. He reportedly said:

“The ultimate goal is a global platform that allows participants in all jurisdictions to be able to interact with people in other jurisdictions completely abiding by rules, laws and regulations, potentially multiple jurisdictions simultaneously, which is something that hasn’t been possible in an analogue world.”

Meanwhile, he noted that the platform has to be regulated to achieve this ultimate goal. To this end, LSE is actively engaged in discussions with regulatory bodies across various jurisdictions, alongside engaging with the UK government and Treasury.

Traditional firms increasingly eye blockchain technology

LSE’s interest in blockchain technology is coming on the heels of an increased adoption rate among traditional financial institutions.

Earlier in the year, BlackRock and several other conventional asset managers submitted applications for a spot Bitcoin exchange-traded fund to the U.S. Securities and Exchange Commission. At the time, BlackRock’s CEO Larry Fink said cryptocurrencies such as BTC were “digitizing gold.”

Additionally, Swift, a prominent bank messaging network, revealed how it collaborated with Chainlink (LINK) and other financial institutions to complete a tokenization experiment that involved the transfer of tokens across multiple blockchains.


The content on this website comes from the Internet. Due to the inconvenience of proofreading the authenticity and accuracy of the copyright or content of some content, it may be temporarily impossible to confirm the authenticity and accuracy of the copyright or content. For copyright issues or other issues caused by this, please Call or email this site. It will be deleted or changed immediately after verification.

related articles

The future of payments: How blockchain is reshaping business transactions and consumer remittances

Blockchain technology has made significant advancements across various sectors, but it can be challe...

Friend.tech regains launch hype momentum as revenue hits $5.6M amid surge in usage

Friend.tech’s revenue hit $5.6 million on Sept. 9, marking a 30-day high for the recently launched b...

Regulated exchanges hesitate on crypto exposure despite growing demand – report

Regulated exchanges hesitate on crypto exposure despite growing demand – report

According to a report published Sept. 5 by the World Federation of Exchanges, regulated st...

Vitalik Buterin introduces decentralized privacy pools for balancing crypto regulation and anonymity

Vitalik Buterin introduces decentralized privacy pools for balancing crypto regulation and anonymity

A new research paper led by Ethereum creator Vitalik Buterin proposes “Privacy P...

Citigroup launches Citi Token Services for institutional clients

Citigroup has launched the pilot of its Citi Token Services, a new platform aimed at bolstering...

Op-ed: Let’s talk about Gitcoin – the silence around open source funding is deafening

Let’s talk about Gitcoin – the silence around open source funding is deafening

Since 2020, crypto has seen dramatic prices, adoption, and attention swings. However, one term integ...