The adoption of cryptocurrencies such as Bitcoin and Ethereum is on the rise worldwide, even though industry critics are once again talking about a bubble. The Jamaica Stock Exchange has announced that it intends to integrate cryptocurrencies into its commerce, making it accessible to companies from around the world.
JSE will start trading in cryptocurrencies
The Jamaica Stock Exchange (JSE) has announced that it will start trading in cryptocurrencies. However, this is to be tested for the first time in cooperation with the fintech company Blockstation in a time-limited pilot test. The JSE aims to be one of the first regulated exchanges in the world to trade in digital assets and security tokens. The list of innovative exchanges that offer not only traditional assets, files and commodities but also crypto currencies for trading. The official press release states that a framework agreement has been signed between the two companies.
The JSE and Block Station completed the framework agreement following a successful live trading pilot project involving JSE broker-dealer members and the Jamaica Central Securities Depository (JCSD).
Marlene Street Forest, CEO of JSE, is pleased to expand its product offering and keep up with the trend of the times.
This is an unprecedented opportunity for JSE to diversify its product offering and attract new listings and inbound investments. They welcome retail and corporate clients both locally and globally to trade digital assets under secure, efficient and transparent legal frameworks.
An agreement for the next seven years
In addition, JSE has signed an agreement for the next seven years to leverage Nasdaq’s market surveillance technology (SMARTS). Nasdaq’s technologies have been developed to improve product and service at a regional and global level. By using it, new products can be offered, the current trading opportunities improved and the latency of the order processing can be shortened significantly.
As early as February this year, the Barbados Stock Exchange (BSE) announced that it was offering blockchain technology and cryptocurrencies. Just like JSE, BSE is working with Blockstation to develop trading solutions for STOs and digital assets.
Also published on Medium.