The Santiago Stock Exchange (STE), Central Securities Depository (DCV) and the Global Trade Directory (GTD) announced a new blockchain association.

Latin America focused business intelligence firm BNamericas reports on Aug. 27 that STE, DCV and GTD have set up a consortium for blockchain financial application development, which is reportedly the first such initiative in Latin America.

Blockchain-based stock trading coming to Latin America

The agreement foresees the creation of a business blockchain network: infrastructure meant to connect stock market clients worldwide via nodes that will provide access to the different applications running on the Hyperledger-based platform.

Central Securities Depository general manager Fernando Yañez commented on the development:

“Since 2017 we have been working with other securities deposits in the world in the application of blockchain to the services of our industry, to which is added the project that we are carrying out with the Central Bank of Chile to incorporate this technology in the issuance of its financial instruments.”

Two year development period

After signing the agreement, the three institutions will form a technical committee tasked with designing the system within six months, consulting the alliance members.

After this phase is complete, a team of developers will be hired to build the blockchain-based platform in about 18 months, issuing production releases every six months.

As Cointelegraph reported yesterday, multinational banking giant HSBC has reportedly become the first bank to complete financing transaction on European blockchain trade platform we.trade.