A big one?
A press release has revealed that the Jamaica Stock Exchange (JSE) will offer crypto assets to clients on its platform. The national exchange has signed a memorandum of understanding with Blockstation, a blockchain startup, to develop a new digital asset trading platform that will go live before the end of the year.
JSE managing director Marlene Street Forrest sees cryptocurrencies in the same light as other traditional investment channels like equities and bonds that they offer to traders. The top official, however, did not disclose the cryptocurrencies that will be traded as soon as the new exchange is launched.
Blockstation and JSE unite to offer crypto-asset investment
“The end game at the end of the day is to trade tokens,” Marlene Street Forrest (JSE MD)
Blockstation is a blockchain company that uses its service to network stock exchanges and brokers to trade digital assets for profit. Following the new deal, the startup will integrate a digital asset platform to the JSE’s current infrastructure.
Plans to build the exchange has existed in the dark for over six months according to Blockstation co-founder and chief enterprise architect Jai Waterman.
“We’re providing the stock exchange the technology for a broker-dealer network and repository, so that from end-to-end, their life cycle of trading – just like with securities – they can do the exact same thing with blockchain and cryptocurrencies,” Jai confirmed.
Aside from offering cryptocurrency trading on its exchange, the Jamaica Stock Exchange MD said that they would continue to look out for new opportunities that blockchain technology will bring to their platform and even suggested that they could develop their own digital currency in the future.
Before that time, however, a “steering committee” has been appointed to thoroughly study the product offered by Blockstation to the JSE in order to avoid a failed launch. The agency says it wants to clearly understand what it is getting involved with.
Somewhere in North America
Offering digital asset trading on the Jamaica Stock Exchange will undoubtedly bring in institutional investors such as banks and wealthy private institutions into the crypto markets and represents a big development at a time when the markets are in a plunge. Cryptocurrency investment numbers will soar in North America!