The Jamaica Stock Exchange will start trading cryptocurrencies, a service Canadian blockchain firm Blockstation will develop.
Digital currencies will be made available for trading on the Jamaica Stock Exchange (JSE) through a collaboration with Toronto-based fintech firm Blockstation, the JSE revealed on Tuesday.
The new digital asset platform will allow investors to deal with virtual tokens “within a recognized and secure regulatory framework”. At the same time, execution and settlement services, as well as quotes, will assist crypto traders.
As noted by JSE managing director Marlene Street Forrest, the decision to add crypto coins to the exchange’s portfolio comes amid the current “considerable investor interest in digital assets”.
Which cryptocurrencies will be included on the JSE, however, remains unclear and so does the expected launch date of the new service.
Commenting on the benefits of launching a digital currency platform within a stock exchange, Kirk Brown, trader at Sagicor Investments, a broker member of the JSE, said:
“It is very important for investors to be able to invest in digital assets through their traditional financial institutions.”
Under the collaboration, Blockstation will provide its communication network and management system. So far, the blockchain firm has conducted successful beta tests of the trading platform.
The JSE incorporation of cryptocurrencies is nevertheless not an exception in the stock exchange sphere. German marketplace Boerse Stuttgart announced on August 2 it will build digital asset infrastructure, including an initial coin offering (ICO) platform, a crypto trading venue and crypto custody solutions. In July, the Swiss Stock Exchange (SIX) disclosed plans to develop a blockchain trading platform to tokenize traditional financial instruments.