On October 24, the Tel Aviv Stock Exchange (TASE) has announced that it is developing a blockchain-based platform to expand its trading services to cryptocurrencies and other digital assets as part of a new strategic plan scheduled for 2023 to 2027.
“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,” said the CEO of TASE, Ittai Ben Zeev.
The five-year plan calls for tokenizing various classes of digital assets and smart contracts. It also includes developing and selling technology solutions and services to other exchanges and market actors, increasing market reach, and transforming to a private sector model by forming a new listed holding company that wholly owns the exchange.
The exchange’s interest in decentralized technology could be seen from its partnership with Israel’s Ministry of Finance for testing a blockchain-based digital bond trading platform.
The Tel Aviv Stock Exchange is Israel’s only securities exchange, located in Tel Aviv-Jaffa. It is organized in the form of a Private Company Limited, and it involves twelve Israeli banks, three foreign banks (Barclays, Citibank, HSBC) and 13 brokers (including three international investment houses).