The Tel Aviv Stock Exchange (TASE) unveiled on October 24, 2022, about the development of a blockchain-oriented platform for expansion of its trading services to cryptocurrencies and other digital assets on account of a plan for 2023 to 2027, as reported by Cointelegraph.
“TASE will promote the implementation of innovative technologies, including DLT, tokenizing of various classes of digital assets and smart contracts. TASE intends to examine multiple potential action plans, including conversion of existing infrastructure to innovative technologies, deployment of innovative technologies into specialized platforms, offering a basket of services and products for digital assets and more,” the exchange stated.
According to Cointelegraph, the five-year plan is expected to include developing and selling technological solutions and services to other exchanges and market participants for expansion of its market reach, and making the transition to a private-firm model through creation of a new publicly-traded holding company carrying 100% ownership of the bourse. It is believed that the platform’s subsidiaries will function as units of the new holding company. “The new structure will consist of a holding company with several subsidiaries (both existing subsidiaries and subsidiaries that will be established to further the goals of the plan),” TASE said.
On the basis of information by Cointelegraph, using the new strategic plan, TASE’s management has created a five-year compound annual growth rate (CAGR) revenue target of 10-12% from organic growth. Reportedly, redrafting of TASE’s ownership structure can also be expected to include implementation of a plan for purchases and investments in its areas of activity, the company stated. The plan, claimed by TASE based on analysis of industry trends, arrived post the company’s partnership announcement with Israel’s Ministry of Finance to test a blockchain-oriented platform for digital bonds trading.
Moreover, Cointelegraph noted that in September, 2022, TASE made the announcement of a partnership with Bank for International Settlements, along with other central banks, to explore usage of central bank digital currencies on account of international retail and remittance payments.
(With insights from Cointelegraph)
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