The Jamaica Stock Exchange (JSE) announced today readiness to introduce to its clients tradeable assets based on cryptocurrencies by the end of the year.
In its statement, JSE informed the public that it had signed a memorandum of understanding (MoU) with Toronto based Blockchain Company Blockstation after six months of due deliberations. Blockstation will serve as the institution’s blockchain technology choice partner for trading digital assets, with the JSE set to build a crypto-assets trading platform by the end of 2018.
According to JSE managing director Marlene Street Forrest, he opined thus;
“So the end game is to trade tokens, the end game is smart contracts; the end game is to provide that area of the market that would like this product, to start to do so in a secure manner”.
He further specified that cryptocurrencies as investment products fall within the equities, bonds and other investment products the exchange already offers hence a worthy addition in line with considerable investor interest in digital assets.
Forrest also implied that aside from listing cryptocurrencies for trading, the JSE may look into other ways to incorporate blockchain technology and potential benefits for its platform and clients, including the possibility of listing their own token with a committee formulated to carefully research, understand and educate on the essentials of blockchain and cryptocurriences as they look to adapt to millennial financial changes.
The Jamaican Stock Exchange by this announcement joins the budding list of stock exchanges which include the Swiss Stock Exchange (SIX), German marketplace Boerse Stuttgart and more who look to explore the blockchain and crypto sphere. In like fashion, the Intercontinental Exchange (ICE) had on August 3 2018 also made public its launch of a new company named Bakkt; with a goal of establishing an open, secure and seamless global network to enable users buy, sell, store and spend digital assets; with Bitcoin futures trading its starter offering.
As the public awaits concrete details as to which coins cum digital assets will be supported and its exact launch date, the JSE boss specifies it will take a gradual process to ensure the launch is safe for investors, maintains regulatory basics and serves its purpose long term.
For the general crypto community, this is positive news amid the reds of the bear market. As most enthusiasts and investors welcome the idea of investing and trading crypto assests via their traditional financial institutions.