Connect with us

Global News

Tel Aviv Stock Exchange has good news for crypto traders



Tel Aviv Stock Exchange has good news for crypto traders
Source: Unsplash

The Tel Aviv Stock Exchange (TASE), Israel’s only public stock exchange, on 24 October disclosed its plans to build a blockchain-based platform to expand its trading services to cryptocurrencies and other digital assets.

TASE’s directive forms a part of a new strategic plan for 2023 to 2027 during which it will build and market technological solutions to other exchanges and market participants.

The process is expected to expand its market reach and help the exchange create a new publicly traded holding company, owned 100% by the exchange.

TASE’s management has established a five-year compound annual growth rate revenue target of 10-12% organically as part of this plan.

TASE’s ownership structure could be reshaped to include the implementation of a plan for strategic purchases and/or investments in its areas of activity and/or in areas that offer added value to its activity, referring to a possible acquisition plan of foreign and small exchanges.

Plan for international expansion through CBDCs

TASE’s plan, which it claimed was based on an examination of industry trends, comes only days after the business announced a collaboration with Israel’s Ministry of Finance to develop a blockchain-backed platform for trading digital bonds.

It was in September that TASE and the Bank for International Settlements came together to investigate the use of central bank digital currencies (CBDCs) for international retail and remittance payments.

“The plan anticipates the needs of the market and takes the development and management of innovative services and products to the next level; we will not only partake in the change but aim to spearhead it; we will leverage our home court advantage in Israel to adopt and develop Fintech and position TASE as a hub of services and products. TASE will also build up the local capital market’s activity to match Israel’s economic strength and global activity, utilizing this unique opportunity for growth and expansion of its activity,” said TASE CEO Ittai Ben Zeev.

Read the best crypto stories of the day in less than 5 minutes

Subscribe to get it daily in your inbox.

Please select your Email Preferences.

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot's writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S - There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.