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HomeCrypto NewsMarketSBI And SMFG To Launch Blockchain-Based Stock Exchange In 2022 To Compete With The Tokyo Stock Exchange

SBI And SMFG To Launch Blockchain-Based Stock Exchange In 2022 To Compete With The Tokyo Stock Exchange

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SBI Holdings and Sumitomo Mitsui Financial Group (SMFG) will launch a blockchain-based digital securities exchange in Osaka in the spring of 2022 to compete with the Tokyo Stock Exchange.

According to the Nikkei publication, the exchange created by SBI and SMFG will be the first stock exchange in Japan that will allow investors to trade digital securities using the blockchain.


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To prepare for the launch of the exchange in March, the companies will create an operator company, Osaka Digital Exchange (ODX). SBI will own 60% of ODX and SMFG will own 40%.

The exchange will use its self trading system and electronic trading platform, so that investors can conduct transactions outside of the usual public exchange.

Companies are looking to make the exchange more attractive to investors by taking orders outside of the Tokyo Stock Exchange’s business hours and reducing the minimum price pitch.

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The exchange will start working with digital securities in 2023. SBI believes that digital security technology will make it easier for investors to invest in non-traditional assets, such as real estate, as well as distribution rights to works of art and films. It is assumed that the exchange will become a market for such assets.

SMFG’s brokerage company, SMBC Nikko Securities, will direct some customer orders to the new exchange.

FTX US

Stock exchange operators are increasingly paying attention to the blockchain. Back in late 2017, the Australian Securities Exchange (ASX) announced that the blockchain would replace its current Clearing House Electronic Sub register System (CHESS). However, in October, the ASX postponed the launch of the system on the blockchain until April 2023 due to higher requirements for the platform than previously expected.

 

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

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