In the next few months, the Jamaica Stock Exchange (JSE) will be providing crypto resources as tradable assets to their customers.
On Tuesday 14 August, JSE (Jamaica Stock Exchange) signed a memorandum of understanding (MoU) with a startup based on the blockchain named as ‘Blockstation’ for the development of a new digital assets trading platform. The new crypto asset trading platform is said to help the clients to trade different cryptocurrencies similar to that of stocks assets. Until now, the tokens that would be listing the trading platform have not been finalized and it is expected the platform will begin serving trading assets by the end of this year.
Marlene Street Forrest, Managing director of JSE in an interview said that their offer of trading different resources such as bonds, equities, and other investment products with digital assets like cryptocurrencies suits perfectly for the exchange platform.
As per CoinDesk, Forrest mentioned that at the end of the day users has to work on trading tokens, to have smart contacts as the end result. We decided to launch a product in the market that everyone would like, and where all the transactions will be carried in a secure manner.
Forrest further said that the technology will be provided by Blockstation whereas the infrastructure of Jamaica Stack Exchange (JSE) will be networked with a new platform that will allow eligible investors to trade and purchase securely. Apart from listing cryptocurrencies for trading, the stock exchange will work simultaneously to find out how blockchain technology will benefit their client and the platform. She also gave a hint about JSE’s future plans to issue their own cryptocurrency at some point in time.
The entire ecosystem changes as per the change in the environment; therefore, at that point in time, this might be the situation. Tough she further added that this is not the point to discuss at the movement.
“Blockchain startup has been working with Jamaica Stock Exchange from last six months to develop a customized version for its own platform. JSE, in particular, has requested to develop and add tools that will keep a track on market manipulation as well as on other regulatory needs” told co-founder and chief enterprise architect of Blockstation, Jai Waterman. He also said that the main purpose of doing this is to provide people to have a secure way of trading digital assets with stock exchanges and broker-dealers.
Street Forrest added that JSE is in no rush at all. They are taking time and focusing on developing the product which at the time of launch is safe enough for their investors.
Blockstation has been maintaining a department to look into the design of various blockchain products and to look into blockchain technology in general. This also ensures that the team is getting involved and understand the entire procedure of how trading with cryptocurrency works, Forrest further explained.
Trading with digital asset has now become fashionable. The digital asset with the base of blockchain technology is ruling in the stock exchange market and it will continue to blossom in the near future as well.