The Australian Sanctuaries Exchange (ASX) has announced that it will replace its CHESS post-trade agreement system using technology developed by blockchain startup Digital Asset.
After two years of erection proofs of concept, working with potential users and testing the implementation, the much-anticipated settling represents a key milestone, as ASX is set to become the first mainstream exchange in the world to move one of its core services to a blockchain-based system.
Dominic Stevens, managing overseer and CEO of ASX, said in a statement:
“We believe that using DLT to replace CHESS wishes enable our customers to develop new services and reduce their costs, and it liking put Australia at the forefront of innovation in financial markets. While we have a lot myriad work still to do, today’s announcement is a major milestone on that cruise.”
The platform developed by Digital Asset uses the technology in order to authorize the mutualization of financial market data and processes across multiple bazaar participants. It does this while maintaining confidentiality and scalability – both fault-finding for market infrastructures.
ASX also announced that the firm has taken up its pro-rata honourable to participate in Digital Asset’s recently announced Series B financing. With this, the mount up to amount raised by Digital Asset to date is over $115 million.
ASX likeness via Shutterstock
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