The Jamaica Stock Exchange (JSE) has announced that it will soon offer cryptocurrencies as tradable assets to its customers.
In fact, the Jamaica Stock Exchange has declared that it has signed a memorandum of understanding with the startup Blockstation for the creation of a new trading platform that should be ready by the end of the year. It is not yet clear which tokens will be listed initially.
Blockstation will provide the technology while the JSE infrastructure will be connected through a network to the new platform, allowing qualified investors to trade.
Blockstation co-founder Jai Waterman said his startup has been working with the JSE for about six months to develop a customized version of his trading platform; among the JSE’s specific requirements, the one that has been emphasized the most is to have adequate tools to track market manipulation.
“Our mission is to provide a secure method of trading cryptocurrencies with broker-dealers and stock exchanges. We’re providing the stock exchange with the technology for a broker-dealer network and repository so that from end-to-end, their life cycle of trading is just like with securities.“
Marlene Street Forrest, JSE’s Chief Executive Officer, said that in addition to the decision to list cryptocurrencies for trading, they are working to understand how blockchain technology can benefit the platform and its customers, going so far as to assume that in Jamaica Stock Exchange’s future plans there may even be the creation of its own cryptocurrency.
“We have a steering committee that was designed and formulated to look at the Blockstation product, to look at the blockchain technology in general and to go through the phases to ensure that we understand what we are getting involved with and are also trained in what this entire trading of cryptocurrency involves. However we are not in a hurry, the aim is to make the launch as safe as possible for investors,” said Forrest.
