Jamaica Stock Exchange to Offer Cryptos as Tradeable Assets in 2018
The Jamaica Stock Exchange (JSE) will soon offer cryptocurrency as tradeable assets for its clients.
The JSE said on Tuesday that it has signed a MoU (Memorandum of Understanding) with Blockstation, a blockchain startup, to create a new digital assets trading platform. The platform is expected to go live by the end of 2018.
Marlene Street Forrest, JSE managing director said that offering cryptos as tradeable assets, fits in with the other investment options that the exchange already offers. He said:
“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.”
Aside from listing cryptos for trade, she said the Jamaica Stock Exchange will continue to explore new ways to utilise blockchain technology to improve the platform, going so far as to indicate that the company might consider issuing its own cryptocurrency in future. She said:
“The environment changes, the entire ecosystem changes, so at that point in time that might be the case, [although] at this point in time that is not a discussion,”
Jai Waterman, Blockstation co-founder, said that the startup has been working with the stock exchange for roughly half a year to develop a custom version for its platform. Some specific requests from the exchange included tools to track market manipulation and some other regulatory needs. He said:
“Our mission is to provide … a secure method of trading cryptocurrencies with broker-dealers and stock exchanges. 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.”
Street Forrest added that the company is in no rush to launch the platform, and would like to ensure security for its investors first. She explained:
“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,”