Hong Kong Stock Exchange (HKSX) Talks with ASX

When it comes to stock market adoption of cryptocurrencies, we’ve seen the CME and CBOE both jump onto the Bitcoin train.

Although, it has been slim pickings for other cryptocurrencies in the U.S.

On the other hand, Hong Kong is looking to learn how to start performing blockchain settlement on their stock exchange, but they need a little help…

Hong Kong Stock Exchange and the ASX

According to an article posted by the Financial Times, the Hong Kong Stock Exchange is looking at the Australian Securities Exchange (ASX) to learn how to settle transactions over a blockchain system.

This comes from the head of Hong Kong Stock Exchange (HKEX), Charles Li, who gave more light on what they would be using it for.

Essentially, they are looking at clearing over-the-counter trades, borrowing, and lending, with reduced costs compared to normal methods.

Modeling Success

Instead of treading on unknown territory, they are going to utilize the lessons learned from the ASX for implementation.

Which is a noble move for implementing a brand-new technology.

In fact, in December they stated that they would become one of the first stock exchanges to make one of its main service blockchain-based.

While the skepticism on cryptocurrency increases, blockchain continues to be the focus of many companies.

We’ve seen dips in the overall market capitalization; during that time policies have been made, countries have been pushing for blockchain, and people are starting to listen.

Stay tuned into what’s happening in this movement with GCA.
Au Revoir

 

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March 21st 2018, 13:17

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