Jamaica Stock Exchange will provide crypto trading for its clients. The company declared on August 14.
JSE made Partnership with Blockstation
After going through a comprehensive global search for an online trading system to partner with, the JSE opted for Blockstation. The company has signed a memorandum of understanding (MoU) with Blockstation for developing a cryptocurrencies trading platform. Blockstation is basically a Toronto-based Fintech firm which specializes in turn-key, end-to-end solutions for trading digital assets. The firm decided to provide crypto exchange because of client’s continuous interest.
With the implementation of the project, JSE will offer trading, quotes, execution, and settlement services for cryptocurrencies and tokens.
Marlene Street Forrest, the managing director of JSE, stated providing cryptocurrencies as an investment product fits in with the other investment products which the Jamaica Stock Exchange offers:
“The end game at the end of the day is to trade tokens, the end game is smart contacts, the end game is to provide that area of the market that would like this product, to start to do so in a secure manner.”
JSE might build its own token
Presently, cryptocurrency will be the center of attraction, JSE is also searching for different ways to utilize blockchain technology to provide an advantage to its clients. JSE has also an expectation of building their own cryptocurrency in the near future.
Street Forest further stated, “The environment changes, the entire ecosystem changes, so at that point in time that might be the case.”
Blockstation supporting Jamaica Stock Exchange
Jai Waterman, Blockstation co-founder, and chief enterprise architect stated that the startup has been working with JSE for nearly six months to build a custom version of its platform or exchange. Particular demands from the JSE consists of tools to track market manipulation and various other regulatory needs.
He further said, “Our main goal is to offer a safe method for trading cryptocurrencies with broker-dealers and stock exchanges.” Also, “We’re offering the stock exchange the technology for a broker-dealer network and repository so that from end-to-end, their life cycle of trading – just like with securities – they can do the exact same thing with blockchain and cryptocurrencies.”
Currently, JSE is not in a hurry, as it wants to be sure that its launch is absolutely safe for the investors. Marlene Forest said, we have developed a leading committee which is designed to look after the Blockstation product and also to look at the Blockchain Technology in general. This committee is built to assure that we are going to be involved with and also we are trained in what the complete trading of cryptocurrency includes. There will be a continuous development of the exchange.