According to an exec, the London Stock Exchange Group has been investigating how blockchain technology can enhance traditional asset trading.
According to reports, the London Stock Exchange (LSE) Group intends to develop a blockchain-based platform offering traditional financial assets.
According to a report by the Financial Times, the corporation has been investigating the viability of a blockchain-based trading platform for a year. Murray Roos, the director of capital markets for the LSE Group, stated that the company had reached a point where they decided to move forward with their blockchain plans.
🚨 London Stock Exchange Group looks to build blockchain-powered trading venue: Financial Times#LSE #London #Crypto #Bitcoin #BTC #ETH #AI #Binance #cryptocurrency pic.twitter.com/1ptwaPPlJx
— The Bitcoin Shark (@thebtcshark) September 4, 2023Additionally, Roos clarified that they will not be developing anything related to cryptocurrencies. However, they will utilize blockchain technology to improve the efficacy of holding, purchasing, and selling conventional assets.
According to Roos, they plan to use digital technology to create a “slicker, smoother, cheaper and more transparent” process for traditional assets. The LSE Group executive also added that they will have it regulated.
Before proceeding with the initiative, according to Roos, the LSE Group waited until investors were prepared and the public blockchain technology was sufficiently developed.
If the plan materializes, Roos asserts that the LSE Group will be the first significant global stock exchange to offer investors a blockchain-powered ecosystem from end to end.
Meanwhile, other traditional financial infrastructures have begun considering incorporating blockchain technology. The bank messaging network SWIFT published a report on how it can connect with blockchains to address the interoperability problem between various blockchain networks on August 31.
In addition to financial infrastructures, an airline has begun integrating blockchain-based technologies. Lufthansa launched a nonfungible token (NFT) loyalty program on the Polygon network on August 31. NFT holders will be eligible for perks like lounge access and flight enhancements.
