The Jamaica Stock Exchange is set to offer cryptocurrency trading this year. The project will be developed with a Toronto-based blockchain company.
The Jamaica Stock Exchange (JSE) has signed an MOU (memorandum of understanding) with Blockstation, a Canadian blockchain company that describes itself as “The Institution’s Choice for Trading Digital Assets.” The two companies are preparing to launch a virtual asset trading platform towards the end of 2018.
Street Forrest, managing director of the JSE explained:
“So the end game at the end of the day is to trade tokens, the end game is smart contracts, 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.”
The JSE is eyeing to integrate blockchain tech
Forrest added that the stock is seeking for new methods to integrate blockchain technology, one of which will probably be the token listing aimed to expand the company’s portfolio and not only.
“The environment changes, the entire ecosystem changes, so at that point in time that might be the case, [although] at this point in time [their own crptocurrency]…is not a discussion. 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.”
The crypto market continues to face a total price imbalance. It’s been no more than a week since $ 43 billion disappeared from the crypto market. All cryptocurrencies have gone through a black period during the last weekend. On 12 August, it was reported that Bitcoin (BTC), Ethereum (ETH) and Bitcoin Cash (BCH) managed to recover 4% of their values after $ 8 billion returned to the market.
The Jamaica Stock Exchange is not the first enterprise of its kind that considers cryptocurrency a solution. About two weeks ago, the Intercontinental Exchange revealed on its cryptocurrency project Bakkt, aimed at building “an open, seamless global network to enable you to buy, sell, store and spend digital assets simply, safely and efficiently“.