After becoming the first national exchange to carry out a cryptocurrency trading pilot on its platform, the Jamaica Stock Exchange (JSE) plans to introduce security tokens to its clients in the next phase of its pilot.
The decision to add security tokens to the exchange was revealed in an announcement released by Blockstation, the blockchain startup partnering with the JSE in its cryptocurrency trading efforts.
JSE managing director, Marlene Street Forrest spoke excitingly in the update about the level of success record with the crypto trading pilot so far. She asserted that the first phase of the pilot went smoothly and that the JSE is pleased with the output.
About the next phase, she said: “it would eventually include the listing of security tokens.
During the first phase of the pilot which lasted for 60 days, the JSE reportedly tested the “lifecycle of the digital asset ecosystem.”
The national exchange worked with the Jamaica Central Securities Depository (JCSD) to provide cover and custody for cash and cryptocurrencies while it had licensed brokers to trade on the crypto exchange platform.
It only seems logical that the JSE now wants to add security tokens which have similar characteristics with traditional assets with the belief that it will go down well with investors on the platform.
2019 has already seen the launch of a new startup that hopes to offer security tokens representing equities in top Wall Street firms and the JSE will likely be a new competition to companies running that business model.
National Exchange To Join Crypto Industry
It is already looking likely that the JSE will not be the first nor last national exchange to test its feet in the crypto market waters in the coming months.
In a report last week, we revealed that the Stock Exchange of Thailand (SET) could take the same step as the JSE, with top officials already confirming that the exchange will apply for a crypto business operating license later this year. The SET wants to set up its crypto exchange before the end of 2019.