Singapore to advance to ‘Blockchain Hub … development new securities trading platform
- Joint development of DvP platform on the blockchain of stock exchange and financial authorities
- Participated in Deloitte, NASDAQ and others … Also linked to other blockchain platforms
Singapore Stock Exchange (SGX) has partnered with financial authorities to build a blockchain based securities trading platform.
It will be able to trade statutory currency safely with digital assets as well as with other blockchain platforms.
According to the CCN, a cryptocurrency special media, on March 27, SGX announced that it will develop a Simultaneous Payments System (DvP) for trading digital assets on the block chain with the Singapore MAS.
It is to construct a system that transactions and settlement on blockchain after tokenizing securities. The project will include technology company Anquan, Deloitte Global consulting firm and NASDAQ of US exchange.
In this system, digital assets such as securities will be tokenized in a blockchain, and real-time payment and physical acquisition will be made.
In this process, ‘smart contract’ technology is applied, in which transactions are unconditionally settled if certain conditions are met, so that exchange and settlement between Singapore dollar (currency) and digital assets will proceed safely.
The exchange and settlement of tokenized assets also work with other blockchain platforms.
“In this project, we will be able to use blockchain to efficiently link funds and securities transactions and increase transaction stability,” said Tinku Gupta, SGX technology and project manager.
It is also a part of project ‘Ubin’, which is being promoted by the Singapore government.
SGX plans to publish a report on how to design a DvP platform by November.
“The blockchain technology is fundamentally changing the way financial transactions are happening today,” said Sopnendu Mohanty, Chief Financial Officer of MAS. “This means that new business opportunities will be opened around the world.”
“We expect more talented people to come to Singapore in the future,” he added. “There will be a variety of blockchain applications that will create new opportunities.”
Xtock is an over-the-counter market platform utilizing blockchain technology.
They will increase the investment stability of the existing over-the-counter market by blockchain OTC market and provide accurate information for investors to make the right decisions.
https://m.news.naver.com/read.nhn?mode=LSD&sid1=101&oid=277&aid=0004303618
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