Follow Us

Blockchain-based Stock Exchange to be launched in Japan

Share on facebook
Share on twitter
Share on linkedin

Share

Atari Blockchain
Share on facebook
Share on twitter
Share on linkedin
  • SBI Holdings has allegedly collaborated with SMFG to establish a digital stock exchange
  • The respective exchange will allow investors to trade digital securities using blockchain technology
  • The news has post the TSE was critiqued for a significant hardware error in September

The Strategic Business Innovator Group and the Sumitomo Mitsui Financial Group are planning the country’s most significant collaboration. Established in 2002, the Sumitomo Mitsui Financial Group represents bank holding and company of financial services. 

The Strategic Business Innovator Group is also a financial services company that has created an Internet-based financial conglomerate.

The worthy partnership between SBI and SMFG

SBI Holdings has allegedly collaborated with SMFG to establish a digital stock exchange. The launch is reportedly slated for Spring 2022. This respective exchange is much awaited and anticipated to be the first of its type in Japan.

SBI and SMFG are expected to establish the platform in Osaka. A Nikkei report suggested that the respective platform will tend to compete against the Tokyo Stock Exchange (TSE) on Thursday. 

The Tokyo Stock Exchange (TSE) is the biggest in Japan. It is headquartered in the capital city: Tokyo. As of mid-2020, the exchange claimed to have 3,700 companies registered with it.

The collaboration is also expected to result in creating the country’s first such stock exchange. The uniqueness of the deal lies in the fact that it will allow investors to trade digital securities using blockchain technology.

In March, the firms will construct an operator called the Osaka Digital Exchange (ODX). Per the reports, SBI will have a stake of 60% whereas SMFG will own the remaining 40%. SBI and SMFG both hold brokerage arms. Both of them, thus, will set up a governing structure to averting any clash of interest.

The historical failure of the Tokyo Stock Exchange

The news has post the TSE was critiqued for a significant hardware error in September. It was brought to a complete halt when the hardware failed all of a sudden. 

It was deemed to be the worst outrage for the third-largest equity market of the world. Though investors were frustrated due to the inability to buy shares in Tokyo, the exchange restarted as usual on Friday. 

The platform of ODX is likely to initiate the trading of digital securities in 2023.

Thus, it will be interesting to observe how the crypto-asset market and investors respond to this important news. Moreover, the readers would have to wait to see how the collaboration between SBI and SMFG works out in action.

Join The Coin Republic’s Telegram Channel for more information related to CRYPTOCURRENCY NEWS and predication.

Leave a Reply

Your email address will not be published. Required fields are marked *

Download our App for getting faster updates at your fingertips.

en_badge_web_generic.b07819ff-300x116-1

We Recommend

Top Rated Cryptocurrency Exchange

-
00:00
00:00
Update Required Flash plugin
-
00:00
00:00