The 5-year plan features tokenizing different classes of digital assets and smart contracts.
On October 24, the Tel Aviv Stock Exchange (TASE) confirmed the creation of a blockchain-based platform to increase its trading services to cryptos and other digital assets as part of a new strategic plan for 2023 to 2027.
Looking at its venture into crypto and the development of a digital asset platform, the exchange said:
“TASE will promote the implementation of innovative technologies, including DLT, tokenizing of various classes of digital assets, and smart contracts. TASE intends to examine multiple potential action plans, including conversion of existing infrastructure to innovative technologies, deployment of innovative technologies into specialized platforms, offering a basket of services and products for digital assets, and more.”
Moreover, the 5-year plan will feature the development and selling of technological solutions and services to other exchanges and market participants, expanding its market coverage, and transitioning to a private-company model via the development of a new publicly traded holding firm with 100% ownership of the bourse.
Its subsidiaries will work as units of the new holding company. TASE went public in 2019. It stated:
“The new structure will consist of a holding company with several subsidiaries (both existing subsidiaries and subsidiaries that will be established to further the goals of the plan).”
TASE Strategic Plan
Within its new strategic plan, TASE’s management has set a 5-year compound yearly growth rate revenue target of 10% to 12% from organic growth. The reshaping of TASE’s ownership structure might also include the “implementation of a plan for strategic purchases and/or investments in its areas of activity and/or in areas that offer added value to its activity,” according to the firm, referring to a probable acquisition plan of foreign and small exchanges.
Buy Crypto NowThe plan, which TASE alleged was based on an analysis of industry trends, came days after the firm confirmed a partnership with Israel’s Ministry of Finance to test a budding blockchain-backed platform for digital bonds trading.
Under the name Eden, the bonds will get issued by the Ministry of Finance, and the project strives to mitigate costs and smoothen the issuance of national bonds.
In September 2022, TASE introduced a partnership with the Bank for International Settlements (BIS), along with other central banks, to explore using central bank digital currencies for international retail and remittance payments.
The partnership, dubbed Project Icebreaker, will feature the testing of key functions and the technological feasibility of interlinking domestic central bank digital currency (CBDC) through proof-of-concept systems.
