Cryptocurrency agreement

According to reports coming from the Jamaican Stock Exchange, the firm has partnered with Blockstation , a Canadian financial technology start up . This partnership is expected to allow the exchange to host cryptocurrencies and security tokens on its trading platform.

In a press release sent out on April the 3rd, the two firms agreed to enter into an agreement that will be approved by the JSE and Blockstation . This agreement will allow the Jamaican Institution to be able to host active and regulated cryptocurrency trading in the country.

The exchange will offer full cryptocurrency trading solutions for the JSE and individuals in the country. It plans on offering complaint listings, trading, clearing and settlements of digital assets along with security tokens in the blockchain ecosystem.

The JSE is familiar with Blockstation and has worked together with the firm for over 12 months to ensure that the services meet expectations when it goes live on the market.

According to the managing director Marlene Street Forrest;

“This is an unprecedented opportunity for the JSE to diversify its product offering and attract new listings and inbound investments. We welcome retail investors and companies both locally and around the globe to trade digital assets under a safe, efficient and transparent regulatory framework.”

The co-founder of Blockstation and chief enterprise architect Jai Waterman sees this endeavor as a gateway for traditional markets players as entering this growing digital assets industry is a great move.

He later explained in a statement that:

“Digital assets are the future of capital markets, and our turn-key solution paves the way for traditional financial institutions to easily adopt this new, game changing asset class. We look forward to being part of the evolution of finance going forward.”

Blockchain technology in Jamaica

This new deal between the firms will enable the JSE to help offer security tokens (STO) to specific interested entities and develop a regulatory framework for all future operations with institutions and retail investors along with other initiatives.

Blockstation has been focused on Financial assets for a few years now with the introduction of Fintech.

In October of 2018, there was news that the Jamaican Stock Exchange market was active with various activities in the financial sector. The counties index moved to more than 233% back in 2013, which was significantly higher than the S&P 500. Which had an improvement of around 73% during that same period.

The Government is looking to increase the economy by more than 5% per year, straight into 2020. While improving on billions in funds from China’s economic infrastructure. The Country has suffered from tremendous debts over the past years and has therefore cut back in borrowing as a financial strategy.

What are your thoughts on the deal make with the JSE? Feel free to leave a comment down below.

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