The Australian Stock Exchange (ASX) is set for a complete industry re-haul; a blockchain upgrade after “spending an enormous time” on Digital Assets.
In a world first, the ASX will soon be rolling out a new blockchain-based trading system based on Distributed Ledger Technology (DLT), in order to handle more value than any other public blockchain housing digital assets and enable same-day settlements.
The ASX has recently acknowledged that Digital Assets have become “too well established” and “well known” for the exchange to simply ignore.
Australia is not the only country that has recognised the need for advanced systems that function more efficiently than traditional methods. Digital Assets are becoming established in economic systems globally, ASX Executive Manager, Max Cunningham says;
“You can see how mainstream this has become at an institutional level in developed markets, like the U.S, Canada, Europe and the UK. You can’t ignore that. We can’t ignore it, and we’re not.”
At the Macquarie Technology Summit 2021, Australian Securities Exchange CEO, Dominic Stevens commented on the Blockchain upgrade and its capability of handling more value;
“We are moving two to three trillion dollars of securities onto this system. That is larger than the whole global crypto world (has) sitting on the blockchain.”
The ASXs solution is still in the testing phase but is significantly complete, with a go-live date of April 2023 due to higher levels of demand than expected.
While there has been some negative press around this new system due to the initial monetary outlay, as the old saying goes “it takes money to make money”, and the bigger picture is at play here with people given the opportunity to set themselves up for improved systems and facilities.
The Reserve Bank of Australia (RBA) and the Australian Securities and Investment Commission (ASIC) have been pressuring the ASX for some time now to get their new system up and running, as it is “imperative for improving the overall performance of Australia’s financial system as well as bolstering investor’s confidence.”
The new DLT-based system is designed to significantly speed up the ASX’s clearing and settlement times and drastically reduce third-party risk.
Currently (prior to the new release) the ASX uses the aged Clearing House Electronic Sub-register System (CHESS), which is responsible for clearing and settlements of trades and transactions on the ASX’s network. This system is 25 years old.
What This Means For Aussie Miners
“We are moving two to three trillion dollars of securities onto this system. That is larger than the whole global crypto world (has) sitting on the blockchain.” – Dominic Stevens
With the ASX upgrading their systems and utilising blockchain based technology, this solidifies not only the Digital Asset market within in Australia, but it solidifies Australia and Australians as a major contender in the crypto space.
Aussie’s are already utilising the Digital Asset mining industry and the results that it is producing for the everyday Aussie is far outperforming other investment options currently on the market.
Digital Assets are fast becoming the new investment style everyone wants to get involved in BUT there is a safe way to enter into the crypto investment space without ‘gambling’ your savings away.
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The easiest way to explain an investment in Digital Asset Mining through an established mining company is like a term deposit, but with much better returns.
Contact us today for more information about getting involved in an investment in Digital Assets.