Blockchain Technology Partners (BTP), an Edinburgh-based startup, has formed a partnership with Israel’s only public stock exchange, Tel Aviv Stock Exchange (TASE), to create an advanced blockchain-based securities lending platform according to a report by Edinburghnews.
BTP is a blockchain-based startup founded two years ago and is concerned with developing blockchain platforms and providing solutions to businesses to simplify the adoption of the emerging technology.
The partnership with TASE, however, marks the first major enterprise for the company ever since it was founded. It will ensure that the Edinburgh-based startup creates a new and advanced blockchain-based lending platform for TASE.
The company has already started work on the testing of the lending platform on governance, security, support, and user acceptance ahead of the formal launch later this year.
Speaking on this, the CEO of BTP, Duncan Johnston-Watt, said,
What is really exciting for us is the partnership that we have forged with the TASE team as we’ve worked together on acceptance testing over the past few months.
The Chief Information Officer of TASE also stated that the primary goal of the Israeli exchange was to “harness the power of cutting-edge blockchain technology to transform the securities lending market in Israel by creating a distributed service available to all our market participants, in order to increase the volume of the market and make it available to for more players in the market.”
According to him, the announcement of this partnership has now created a way for the exchange to accomplish this goal. BTP will continue to support this blockchain-based platform even after it has been launched.
Meanwhile, the Tel Aviv Stock Exchange isn’t the only national exchange platform making inroads with blockchain technology. Recently, Coinfomania reported that Seychelles-based stock exchange, MERJ issued securities on the blockchain, ahead of the launch of its platform for trading tokenized securities.