Stock Exchange of Thailand Is Currently Exploring The Launch of a New Crypto Trading Platform
It seems that the Stock Exchange of Thailand is ready to enter the crypto game now. Imitating the move from some other stock exchanges around the globe, the Thai one decided to start a platform for digital trading.
According to the local reports, the Stock Exchange of Thailand already has its plans for the next three years set and, among the road map for 2021, there is the launch of a crypto trading platform in 2020. At the moment, the company already has a blueprint of how the new platform will work, but there is a lot to decide yet.
Another important plan made by the exchange is the complete digitization of its current trading platform, which would see it abandoning paper records in order to use a fully electronic system which digital verification and more direct payments.
At the moment, the exchange is preparing a specific road map with all the major milestones for the creation of this new platform. A report will be sent to the shareholders of the Stock Exchange of Thailand as soon as it is ready.
Pakorn Peetathawatchai, the president of the exchange, commented on the initiative saying that the company believes that the collaboration of all the stakeholders will be enhanced in this new model and that it will be the backbone of a new system which will take the national capital market to the next level.
Several Traditional Exchanges Are Upgrading And Transitioning Towards Crypto
As the blockchain technology rose to prominence, several companies are getting very interested in using it for upgrading its services or in order to offer new crypto exchange services as well.
For instance, SIX, a stock exchange based in Switzerland, has recently announced the SIX Digital Exchange, which would start to work in the second half of 2019.
Deutsche Borse, from Germany, is also investing a lot in the blockchain technology and the company already has plans to launch a crypto futures platform which will be based on Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP).
Some other important exchanges that are entering this realm include the Intercontinental Exchange (ICO), which owns the New York Stock Exchange (NYSE). Despite NYSE not using the blockchain, ICE has been focused on creating a new crypto trading platform, Bakkt, which will start soon in 2019.
Even the U. S. Securities and Exchange Commission is set to introduce a new Initial Coin Offering (ICO) portal soon. It looks like times have really changed.