Jamaica’s stock exchange, the JSE issues out word that the exchange will allow bitcoin trading over its platform. This is a major accomplishment for the cryptos as a national stock exchange has given word that will allow trading of such sort and is a chronological milestone for the nation as well. A Canadian Fintech firm Blockstation is set to enable the trading over the exchange and will offer maintenance services for the trading protocol that is to be incorporated into the JSE. Blockstation is set to provide end-to-end crypto trading platform for the exchange and for this a test run was conducted. The JSE piloted the test run and JSE’s subsidiary, the Jamaica Central Securities Depository was a crucial part of it.
Blockstation has been a good partner over the past year, working closely with us and our stakeholders to ensure that their platform satisfies every requirement.
Marlene Street Forrest, Managing Director of the JSE is confident in her words that Blockstation has all of the needed tools that can pull out this grand project. The project is revolutionary on its own at a global level and can bring a serious change in the attitude of the governments of other nations and the incumbent authorities alike. Blockstation is set to offer for the platform, the due compliant listing, trading, clearing and settlement of digital assets and security tokens to the entire ecosystem of broker-dealers, investors, depositories and regulators. The agreement was finalized eventually after the successfully piloted test run.
The Jamaican Stock Exchange (JSE) attempts to cover small and medium enterprises as they will offer a simple but efficient of raising capital through the token offerings. The agreement will include the measures that will ensure that the trade is being conducted effectively and transparently by the two parties involved in the trade. The agreement will result in a separate regulated market that will be available for major investors and other authorities. The agreement will have Blockstation producing a clear smooth route for the trade complying to priori mentioned objectives. Jai Waterman, Blockstation’s Co-Founder and Chief Enterprise Architect believes that the partnership is indeed a milestone and will be marked as their exciting point over their course to prosperity.
“We are incredibly excited to reach this milestone in our partnership with the JSE, bringing digital assets including cryptocurrency and security tokens to mainstream investors. Digital assets are the future of capital markets, and our turn-key solution paves the way for traditional financial institutions to easily adopt this new, game-changing asset class. We look forward to being part of the evolution of finance going forward”.
The JSE seeks to ‘diversify its product offerings’’ which refers to increasing protocols over which the exchange can offer services for the users. The exchange deals with the fiat trades and will open the trade route for the crypto traders too, for the bitcoin users powered by Blockstation. This is what JSE means by diversifying the products. Out of the agreement and the new project, JSE seeks to lure in new investors and people who are major and key in the crypto community and from outside too. This will give JSE’s project the due exposure and the investment that will be needed to further improve the systemised environment.
Blockstation, a Canadian FinTech company was founded in 2014 provides IT solutions for the stock exchanges seeking to adopt cryptos in. It is a great step from the company to primarily target the stock exchanges and enable these corporate structures to bring int the crypto flavour bringing the exposure purpose to a next level. The company seeks to spread the word that the current system and the crypto system can work along just fine given that two systems know how to compromise sustain to turn into a better single entity. The company further caters for the likes of regulators, broker dealers, data publishers, depositories and the market makers.
The Swiss stock exchange also welcomed in a digital asset exchange last year. This piled up to a sweet conclusion as Switzerland’s SIX Group, the group the operates the Swiss stock exchange announced that they will be opening a crypto exchange offering services to, ‘trade, settle and custodize digital assets in the same way they currently do in the traditional world’. A feat of similar sort was pulled off by the Thai stock exchange as they intend to jump into the crypto market and has reportedly applied for a license to operate a crypto exchange. A month back, we saw TMX, the operator for the Toronto stock exchange meaning to launch a cryptocurrency brokerage platform. This is a clear hint that the bigger fish have sensed the potential of the cryptos and are interested big time.
Jamaica has been on a roll lately with the financial assets before being on the back end for quite sometime whenever major global economies were being discusses. The country had been on an exhilarating rise as the index has grown 233% since 2013. Jamaica wished to see a 5% growth in economy by 2018 and achieving this, seeks to attain more. Jamaica seeks to be funded by the Chinese financial aids and grow back up after being encircled up by previous debts.