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London Stock Exchange Lists Blockchain ‘Token’ Shares in a First for the City

London Stock Exchange Lists Blockchain ‘Token’ Shares In A First For The City

The London Stock Exchange has heralded in a new era by the first issuing of shares using blockchain tokens.

The move is seen by the city as bringing cryptocurrency by proxy as into regulated financial markets due to blockchain’s role as a driver for digital currencies. The company selling the tokenized shares, fintech company 2030, sold GBP 3 million (USD 3.9 million) worth of shares in a first for the city’s financial Mecca.

Earlier this year the London Stock Exchange indicated its growing interest in blockchain and cryptocurrencies when it hooked a deal with Hong Kong-based global fintech company, ATOM Group (ATOM) in order to enable its AXX Digital asset exchange to be able to use LSE tech. Head of LSEG’s global sales and marketing, Lorne Chambers, commented than traditional tech expertise was much sought after by crypto firms and the LSE was well placed to market it.

Earlier this month the LSEG listed the Invesco Elwood Global Blockchain ETF and recently invested in London-based cryptocurrency startup Nivaura, leading a GBP 15 million (USD 20 million) funding round.

The prestigious UK exchange’s recent movements indicate a growing interest in blockchain and cryptocurrencies from mainstream finance, although many city analysts continue to maintain a suspicious stance on all things crypto.

As of April 2018, the London Stock Exchange (LSEG) had a market capitalization of USD 4.59 trillion. It was founded in 1571, making it one of the oldest exchanges in the world.

 

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London Stock Exchange Claims Crypto Industry Boosted by Trading Tech

London Stock Exchange Claims Crypto Industry Boosted by Trading Tech

The London Stock Exchange (LSE) is currently considering a move towards the cryptocurrency space; a step that so far it has avoided. It is selling technology though, not shares.

Reports indicate that the LSE Group has signed a deal with Hong Kong-based global fintech company, ATOM Group (ATOM) in order to enable its AXX Digital asset exchange to be able to use LSE tech. The tech is called the “Millennium Exchange™ matching engine”, which is currently used for trading in the Far East.

Head of LSE’s global sales and marketing, Lorne Chambers, claims that the market is moving slowly in the direction of crypto exchanges and blockchain companies. As such, the need for traditional tech and expertise is becoming more sought after. Etelka Bogardi, a partner at Norton Rose Fulbright in Hong Kong argues:

“I think the trend is now a two-way street between crypto exchanges trying to leverage or purchase expertise from established exchanges in the non-crypto space, and established exchanges partnering with crypto expertise to leverage the underlying blockchain technology for the traditional securities space.”

The recently announced deal between the LSEG and AXX has its problems going in though, as the latter will need to overcome investors concerns regarding the kinds of recurrent crypto scams and heists which have largely been responsible for keeping traditional investors away from the space. Investors need to know that companies offering cryptocurrency services are fully compliant with regulations and are protected.

AXX will be hoping that by using tried and tested technology from the traditional stock market, this will give investors the kind of assurance that they are looking for. Peter Lin, CEO of ATOM Group comments that this will be the case, commenting:

“The digital asset marketplace faces a critical need for more industry best practice in order to build greater investor confidence. AAX will leverage LSEG Technology’s platform and expertise to deliver a world-class exchange that provides fair, trusted and secure digital asset trading for all.”

 

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