The Jamaica Stock Exchange (JSE) has announced that it will soon be offering cryptocurrencies as tradeable assets for its clients. It didn’t mention the time frame, so the BlockPitch team got in touch with their media contact and found that cryptocurrencies will be by the 3rd quarter of 2018 i.e. before 2019.
The business said in Tuesday that it had signed a memorandum of understanding (MoU) with blockchain startup Blockstation to launch of a brand new digital resources trading platform. Although it isn’t apparent that tokens will be originally recorded, the stage is set to go live by the end of the year.
JSE managing manager Marlene Street Forrest advised CoinDesk that supplying cryptocurrencies as investment merchandise matches in with the stocks, bonds and other investment goods which the market currently offers.
“So the end game at the end of the day is to trade tokens, the end game is smart contacts, the end game is to provide that area of the market that would like this product, to start to do so in a secure manner.”
Blockstation is supplying the technology, she clarified, although the JSE’s infrastructure is going to be relegated to the new stage, permitting qualified investors to run trades or purchases.
Besides record cryptocurrencies for commerce, Street Forrest explained the stock market will continue to check at the way blockchain technology may reap the stage and its customers, going so far as to signify JSE’s strategies might consist of issuing its cryptocurrency at some point later on.
“The environment varies, the whole ecosystem changes, therefore in the point in time that may be the situation, [although] now in time which isn’t a conversation,” she explained.
Blockstation co-founder and chief enterprise architect Jai Waterman advised CoinDesk the startup was operating together with the JSE for about six months so as to develop a personalized version of its own platform to the market. Particular requests in the JSE have contained tools to monitor market manipulation and other regulatory requirements, ” he told.
“Our mission is to provide … a secure method of trading cryptocurrencies with broker-dealers and stock exchanges,” he said. “We’re providing the stock exchange the technology for a broker-dealer network and repository, so that from end-to-end, their life cycle of trading – just like with securities – they can do the exact same thing with blockchain and cryptocurrencies.”
“The JSE is in no hurry, however, also is now taking time to make certain that the launching is secure for investors,” Street Forrest explained.
“We’ve got a steering committee which has been devised and designed to examine the Blockstation merchandise, to have a look at the blockchain technologies generally and also to go through the stages to make sure that we know what we’re becoming involved and are trained in exactly what this whole trading of cryptocurrency entails,” she clarified. Therefore, she stated, the market’s integration of blockchain will probably be”slow”
