KRX, South Korea’s only securities marketplace, has unveiled plans to launch a blockchain-powered exchange to service the multi-billion OTC share market in the country.
According to statements made by an unnamed official familiar with the project, KRX’s innovative exchange is currently in the early stages. The official, who was quoted in an article by The Korea Times, said that there is no scheduled launch date at this time. However, he explained that the new exchange will allow buyers and sellers to conduct trades without the need for a clearing intermediary:
“Though many steps remain before the system’s official launch, we expect this would help off-board dealers to trade more easily by saving their costs and efforts in seeking trade partners,”
It is estimated that the current value of the OTC market in South Korea stands at 56 trillion KRW (Korean Won). KRX is the latest securities clearing company to join the rapidly growing list of financial giants looking to modernize the financial derivatives industry using blockchain technology.
The Australian Stock Exchange (ASX) recently partnered with blockchain developer Digital Asset Holdings, to implement a distributed ledger securities settlement system, which has the potential to reduce trade settlement time to just a few minutes.
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