Tel Aviv Stock Exchange has good news for crypto traders

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The Tel Aviv Stock Exchange (TASE), Israel’s only pub­lic stock exchange, on 24 Octo­ber dis­closed its plans to build a blockchain-based plat­form to expand its trad­ing ser­vices to cryp­tocur­ren­cies and oth­er dig­i­tal assets.

TASE’s direc­tive forms a part of a new strate­gic plan for 2023 to 2027 dur­ing which it will build and mar­ket tech­no­log­i­cal solu­tions to oth­er exchanges and mar­ket participants.

The process is expect­ed to expand its mar­ket reach and help the exchange cre­ate a new pub­licly trad­ed hold­ing com­pa­ny, owned 100% by the exchange.

TASE’s man­age­ment has estab­lished a five-year com­pound annu­al growth rate rev­enue tar­get of 10–12% organ­i­cal­ly as part of this plan.

TASE’s own­er­ship struc­ture could be reshaped to include the imple­men­ta­tion of a plan for strate­gic pur­chas­es and/or invest­ments in its areas of activ­i­ty and/or in areas that offer added val­ue to its activ­i­ty, refer­ring to a pos­si­ble acqui­si­tion plan of for­eign and small exchanges.

Plan for international expansion through CBDCs

TASE’s plan, which it claimed was based on an exam­i­na­tion of indus­try trends, comes only days after the busi­ness announced a col­lab­o­ra­tion with Israel’s Min­istry of Finance to devel­op a blockchain-backed plat­form for trad­ing dig­i­tal bonds.

It was in Sep­tem­ber that TASE and the Bank for Inter­na­tion­al Set­tle­ments came togeth­er to inves­ti­gate the use of cen­tral bank dig­i­tal cur­ren­cies (CBD­Cs) for inter­na­tion­al retail and remit­tance payments.

“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. TASE will also build up the local cap­i­tal market’s activ­i­ty to match Israel’s eco­nom­ic strength and glob­al activ­i­ty, uti­liz­ing this unique oppor­tu­ni­ty for growth and expan­sion of its activ­i­ty,” said TASE CEO Ittai Ben Zeev.

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