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London Stock Exchange to establish a blockchain-based platform for trading traditional assets.
The London Stock Exchange (LSE) Group is reportedly intending to establish a blockchain-based platform that will provide traditional financial assets.
As per a report from the Financial Times, the organization has been exploring the possibilities of a blockchain-based trading venue for the past year. Murray Roos, head of capital markets at LSE Group, indicated that the company’s investigations into blockchain have progressed to a stage where it has decided to advance its plans.
London Stock Exchange Group looks to build blockchain-powered trading venue: Financial Times#LSE #London #Crypto #Bitcoin #BTC #ETH #AI #Binance #cryptocurrency pic.twitter.com/1ptwaPPlJx
— The Bitcoin Shark (@thebtcshark) September 4, 2023
Roos further clarified that the company will not be developing anything related to cryptocurrencies. Instead, it will leverage blockchain technology to improve the efficiency of holding, purchasing, and selling traditional assets.
According to Roos, the objective is to utilize digital technology to create a “slicker, smoother, cheaper and more transparent” process for traditional assets. The LSE Group executive also noted that the initiative will be subject to regulation.
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Roos mentioned that the LSE Group waited until investors were prepared and the public blockchain technology was sufficiently advanced before moving forward with the initiative. If the plan is realized, Roos asserted that the LSE Group would be the first significant global stock exchange to provide a comprehensive blockchain-powered ecosystem for investors.
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In the meantime, other traditional financial infrastructures have begun to embrace the concept of incorporating blockchain technology. On Aug. 31, the bank messaging network SWIFT released a report on how it can connect with blockchains to address the issue of interoperability among various blockchain networks.
In addition to financial infrastructures, an airline has also started to adopt blockchain-based technologies. On Aug. 31, Lufthansa Airlines introduced a nonfungible token (NFT) loyalty program on the Polygon network. NFT holders will have the opportunity to earn rewards such as lounge access and flight upgrades.
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