Tel Aviv Stock Exchange (TASE), has signed a strategic agreement with enterprise digital asset infrastructure provider, Fireblocks, according to a press release. Under the agreement, Fireblocks will provide a technological solution to support a “comprehensive range of innovative and secure digital asset products and services.”
The aim is for TASE to offer regulated entities institutional-grade digital asset solutions, bringing together their wealth of experience and time-tested processes from traditional financial markets with enterprise blockchain technology from Fireblocks.
As the only public stock exchange in Israel, TASE holds a unique position in the country’s local capital markets. For such a trusted element of the traditional financial landscape to directly partake in the digital assets landscape makes a refreshing change, compared to the reticence of authorities in certain nations to engage with the industry.
EVP Head of Clearing for TASE, Orly Grinfeld, noted that the exchange was “unwavering in our pursuit of revolutionizing the industry and the local capital market,” and that the latest collaboration would enable it to deliver, “secure, regulated, and innovative digital asset solutions,” for a future of “boundless” possibilities.
TASE’s move into digital assets markets follows the prior success of Project Eden, which saw the exchange team up with the Israeli Ministry of Finance to issue a blockchain-based digital government bond. Fireblocks was also involved in Project Eden, and co-founder and CEO, Michael Shaulov believes that the new partnership will prove to be rather fruitful:
“The digital asset products and services that TASE is exploring will no doubt play foundational roles in the future of Israel’s economy and Fireblocks is excited to have the opportunity to provide the right infrastructure support and international expertise to bring these offerings to market.”
TASE first announced that it intended to create a digital assets platform in October last year when it revealed its five-year plan covering the years 2023-2027. This covered several potential options for consideration, including the conversion of its existing infrastructure to blockchain technology.
In January of this year, the Israeli Securities Authority put forward a proposal for the regulation of digital assets, which included an update to the accepted definition of securities in order to include them under that umbrella.
TASE then in February unveiled proposals to authorize cryptocurrency trading as an activity for non-banking members, thus bringing regulated crypto trading to the country for the first time.
It seems like the exchange has big plans for its move into digital assets, and we look forward to Observing what form these take going forward.