Tel Aviv Stock Change To Create Its Own Crypto Platform

The Tel Aviv Stock Exchange (TASE) has recently mentioned its plans to create a crypto platform. It also mentioned that it would be reshaping the ownership structure of the crypto or blockchain-based platform.

The idea behind launching the platform is to implement a strategy to create more opportunities for crypto trading in order to level with international standards.

This plan is a part of the digital asset strategy spread across 2023 to 2027. TASE went public in the year 2019.

It stated that it was on its way to forming a new publicly traded holding company that would own 100% of the bourse, which would become a private firm.

The exchange’s subsidiaries will then be units of the new holding company.

TASE stated about the formation of the crypto platform,

TASE will promote the implementation of innovative technologies, including DLT, tokenizing of various classes of digital assets and smart contracts. TASE intends to examine multiple potential action plans, including conversion of existing infrastructure to innovative technologies, deployment of innovative technologies into specialized platforms, offering a basket of services and products for digital assets and more.

What Does The New Strategy Involving Crypto Include

The new strategic plan that TASE has chalked up has a five-year compound annual growth rate revenue target ranging between 10% to 12% of organic growth.

The restructuring of the TASE’s ownership constitutes the “implementation of a plan for strategic purchases and/or investments in its areas of activity and/or in areas that offer added value to its activity,” as mentioned by the company.

Along with this, it may also include the acquisition of foreign and small exchanges.

The plan formed by TASE has been based on analyzing industry trends.

This came after the company had announced a partnership with Israel’s Ministry of Finance to test a blockchain-backed platform for digital bond trading.

These bonds will be issued under the name Eden by the Ministry of Finance. This particular project has been targeted to bring down costs and manage the issuance of national bonds better.

Other Partnerships

TASE also announced a partnership with the Bank of International Settlements this year. Additionally, it has also partnered with other central banks.

The partnership with other central banks was to explore using the central bank digital currencies for international retail and remittance payments.

The collaboration is called Project Icebreaker, which involves testing key functions and the technological feasibility of interlinking domestic CBDC via proof-of-concept systems.

CEO of TASE, Ittai Ben Zeev, mentioned,

The next five years are a critical window of opportunity for TASE to play an active role in the technological revolution of the global capital markets; 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.

Featured image from UnSplash, chart from TradingView.com