Jamaica Stock Exchange Makes Huge Announcement For Crypto Trading

Jamaica Stock Exchange Makes Huge Announcement For Crypto Trading
The Jamaica Stock Exchange (JSE) has announced a new plan which will see a number of cryptocurrencies added to the exchange which JSE customers will soon be able to trade. This will be enabled through a partnership between the JSE and blockchain firn, Blockstation. Blockstation will be developing the technical aspect of the exchange, integrating the JSE’s current platform with the blockchain. As it stands, we are unsure which cryptocurrencies will be listed on the exchange initially, but we do expect that the first batch will be added by the start of 2019. JSE believe that offering cryptocurrencies will help compliment the JSE’s current offerings and investment opportunities already within the exchange.According to Coindesk, Marlene Street Forrest the Managing Director at the JSE has said:
"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."
It’s clear that JSE want to make this work, and are exploring the potential of a full blockchain overhaul, including the integration of not just tradeable crypto assets, but other blockchain products too. Moreover:
"We have a steering committee that was designed and formulated to look at the Blockstation product, to look at the blockchain technology in general and to go through the phases to ensure that we understand what we are getting involved with and are also trained in what this entire trading of cryptocurrency involves.”
Likewise, the co-founder of Blockstation, Jai Waterman, has told Coindesk:
"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."
See more for yourself, here. It will no doubt be a long process, the JSE do not want to rush into this and want to be sure that any listings come with an intrinsic advantage to their investors. Moreover, they need their crypto and digital asset listings to compliment the products already listed on the stock exchange and not to compete with them or drown them out. Clearly, the JSE are looking to attract a new crowd, but also know they need to retain an attraction to traditional stocks and exchanges. We expect that the start of 2019 will be very fruitful for this partnership, one that could inspire a heap of investment within Jamaica, and perhaps across the rest of the caribbean. Investment Disclaimer
Related Topics: