Good times for Bitcoin seems to be finally back, as it will now be traded in the Caribbean island, Jamaica. The Jamaica Stock Exchange (JSE) will start trial for Bitcoin and Ethereum trades very soon.
The Kingston based exchange will start the trials in association with Canadian cryptocurrency exchange Blockstation. The JSE and Blockstation made a joint announcement on Wednesday, stating that the two firms have entered in an agreement which would facilitate live trading of cryptocurrencies, including security token. The trading, however, will be done is a highly regulated and secure environment, the statement read.
The expected trial of the two biggest cryptocurrencies will be the second stage of the pilot program. Before this JSE and Blockstation conducted a trial on live crypto trading in January earlier this year, which ran for 60 days. The initial trial witnessed participation from regulated broker-dealers, market makers and the country’s Central Security Depository. The first trial was targeted towards demonstrating the entire lifecycle of the cryptocurrency ecosystem.
While speaking to reporters, Blockchain stated that the upcoming stage is focused on making brokers-dealers sign up and bringing retail investors on-board, via a Know Your Customer (KYC) process, which would allow them to trade Bitcoin and Ethereum. However, the exact start date for the trial wasn’t revealed.
The Toronto based crypto exchange further stated that Blockstation and JSE had had a relationship formulated via a Memorandum of Understanding (MoU), signed by the two parties in August 2018. By the new agreement, they have now become official partners, Blockstation added. The collaboration between the two exchanges will work towards supporting global Small and Medium Enterprises (SMEs), by offering a simple and efficient procedure for raising capital with compliance and transparency, by Security Token Offerings (STO).
Commenting on the announcement, JSE CEO Marlene Street Forrest said,
“This is an unprecedented opportunity for the JSE to diversify its product offerings and attract new listings and inbound investments.”
Expansion of the crypto market is inevitable, as the benefits and solutions it brings to the table are unprecedented and enormous. Several established corporations have realized this, and have entered the crypto space in some way or the other. Also, existing crypto exchanges like Binance are expanding their platforms, by adding new pairings, introducing new cryptocurrencies, and also by offering newer services like crypto to fiat transfers.
Also, the adoption of digital tokens is on the rise globally. Many international companies, like Starbucks, are now accepting digital coins as valid payment instruments. In fact, some corporations have launched their own digital tokens. For instance, JPMorgan became the first bank in the United States to launch its own cryptocurrency. Social media giant, Facebook is also in the final stages of launching a stablecoin targeted towards enhancing global payments.
The current week has been excellent for Bitcoin, as the coin revisited the $10,000 mark after more than a year. Experts believe that the world’s largest cryptocurrency will again touch its all-time high of $20,000 apiece till March 2021. Expansion of Bitcoin on newer exchanges in less explored regions will further boost its growth prospects.
Another factor which could contribute towards Bitcoin’s success is the possibility of its adoption be central banks to back their fiat currencies, replacing the US dollar. The growing political tensions of countries like Russia and Venezuela with the United States has compelled them to explore the digital currency space to reduce their dependence on the US Dollar.
This could be a blessing in disguise for Bitcoin, as it is the most potent and stable option in the digital currency space which can possibly replace the dollar.