Friday, May 7, 2021
Home Crypto News Market SBI And SMFG To Launch Blockchain-Based Stock Exchange In 2022 To Compete...

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

- Advertisement -

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.


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.

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.

 

- Advertisement -
Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown has obtained his master's degree in Stock Trading And Investing. His specialty is analyzing the price actions of crypto and stock markets. Albert provides a major role in TheCryptoBasic as a crypto analyst. He is also known for his work on Twinkle Magazine and TipRanks.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

Bitmain Placed An Order With TSMC to Produce 5nm Chips for Crypto Mining

As Bitcoin and Ethereum reach record high prices, miners can increase their spending on equipment, and companies developing ASICs for mining do not waste...

Cardano CEO: May Will Be A Big Month For Us As We Are Now Leading The PoS World

Last few months of Cardano included Updates, upgrades, improvements and implementations. Cardano seem to be pretty much sticking to their roadmap.

Ripple Recent Q1 2021 Reports Shows Increase In Demand For XRP

Ripple released its quarterly report that highlighted the growing demand for XRP in the first quarter of 2021. The company's total XRP sales reached...

NEM Gets Stronger AS NEM Ventures Announced Mentoring & Financial Support Program “Ignite”

NEM Ventures, the investment division of NEM (XEM), announced that it will start the mentoring & financial support program "Ignite". ...

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.

follow us in feedly