The Tel Aviv Stock Exchange (TASE) in Israel is looking to unveil a new digital currency trading platform within the next few years. The exchange will come to fruition between 2023 and 2027 and will provide customers with new blockchain-based trading services so they can get involved in the crypto scene.
The TASE Is Making Way for Crypto
In a recent statement, the TASE mentioned:
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.
The news is a testament to just how powerful the digital currency arena has become over the years. Despite falling prices and the bearish conditions the industry is facing, many traders have shown enough love and support for crypto that enterprises like the TASE have no choice but to acknowledge the interest and make room for the space.
At the time of writing, crypto is arguably facing the worst conditions of its 14-year history. Bitcoin, for example, is the world’s leading digital currency by market cap. It’s currently trading in the low $19K range. That’s about 70 percent less than where it was in November of last year. During that time, the currency was trading at a new all-time high of approximately $68,000 per unit.
Over the past few months alone, the crypto space has lost more than $2 trillion in valuation. It’s a sad and ugly sight to see, so the idea that large enterprises like the TASE are still working to incorporate new methods of crypto trading into their operations is proof the space not only has a lot to offer, but that its benefits are becoming more easily recognizable by investors.
Aside from allowing customers to trade digital currencies, the TASE says it’s looking to develop and sell new technological solutions and services to market participants around the world. This would make it a leading distributor of new blockchain solutions. Continuing its statement, the TASE said:
The new structure will consist of a holding company with several subsidiaries (both existing subsidiaries and subsidiaries that will be established to further the goals of the plan).
Forming the Right Partnerships
Reports also show that the TASE is set to grow anywhere between ten and 12 percent throughout the time that the plan is being implemented. This expansion will occur through organic growth alone.
Over the past few months, the TASE has established several partnerships with leading financial agencies including Israel’s Ministry of Finance and the Bank for International Settlements as a means of exploring central bank digital currencies and remittance payment options.