Israel Stock Exchange Will Trade Bitcoin and Cryptocurrencies

The Israel Stock Exchange, TASE, announced Monday (24) that it will begin its program to list bitcoin and other cryptocurrencies over the next five years, after its board of directors approves the measure.

In an advertisement, Tel Aviv Stock Exchange (TASE: TASE) stressed that it will fulfill all its strategic objectives from 2023 to 2027.

The main focus is on developing and improving the platform, aiming at organic growth for new customers and strengthening the international profile. One of the intentions is to lure foreign investors to Israel and bring new international products to the market.

The strengthening of the liquidity strategy and the derivatives market will lead to this, with the relaunch of the futures market. The entire over-the-counter TASE market will undergo changes, aligning the entire process with international standards.

Israel Stock Exchange to Launch Bitcoin and Cryptocurrency Trading in Coming Years

According to Ittai Ben Zeev, CEO of TASE, who has held the position since 2016, the next five years will be a crucial opportunity for the Israeli stock exchange to position itself as an investment leader in the country.

“The next five years are a crucial opportunity for TASE to play an active role in the technological revolution of the global capital markets. The plan responds to the needs of the market and takes the development and management of innovative services and products to a higher level. Not only will we participate in the change, but we will try to lead it.”

Thus, one of the strategic goals of the exchange is to create a blockchain cryptocurrency trading platform (DLT), “venture into crypto“.

According to a public announcement on Monday, the Israeli exchange said it plans to implement innovations with bitcoin and cryptocurrencies, such as tokenization and the use of smart contracts.

It is possible that the exchange will launch a basket of products and services for its customers with digital currencies, which is then another exchange around the world announcing its entry into the sector.

“TASE will promote the implementation of innovative technologies, including DLT, tokenization of various digital asset classes and smart contracts. TASE plans to explore several potential action plans, including transforming existing infrastructure into innovative technologies, deploying innovative technologies on specialized platforms, offering a suite of services and products for digital assets, and much more.”

Exchanges get involved in cryptocurrency

In Brazil, B3 pioneered the launch of bitcoin-related products, such as ETFs, for example. However, this is not a company that should launch cryptocurrency trading for its clients, according to the CEO.

Nasdaq, one of the largest operations in the United States, recently announced that it is launching a cryptocurrency custody operation.

These cases show that exchanges can no longer ignore cryptocurrencies as they seek all their space in the sector.

Source: Live Coins