The race by established financial institutions t0 harness the power of the blockchain keeps heating up with more revelations about new companies testing the technology made every day. Only yesterday it was reported that the Bank of Russia is actively evaluating the application of its uses and now we hear that the Korea Exchange (KRX) is climbing aboard the blockchain express as well.
KRX, which is South Korea’s main bourse operator for stock trading, said on Monday that it has already been working on a blockchain based platform to revitalize its over the counter (OTC) trading offer. Towards this goal the KRX has taken “preliminary steps” to link securities sellers and buyers to trade directly, according to a report in the Korea Times.
“Though many steps remain before the system’s official launch, we expect this would help off-board dealers to trade more easily by saving their costs and efforts in seeking trade partners,” a KRX official told the Korean newspaper, and added that it is too early to set the launch date.
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According to the latest figures, KRX has over 2,000 listed companies with a combined market capitalization of $1.2 trillion. The Korean OTC market is around $45.44 billion in after-hours trading volumes and the new blockchain platform will be first introduced for these non-listed securities.
Leading the trend among international stock exchanges adopting the innovative technology at the heart of bitcoin and other cryptocurrencies is the NASDAQ. Back in December 2015, Chain, the startup helping Nasdaq build its blockchain-powered securities platform, even issued its own shares on it.