The latest reports have just come in from Israel in regard to developments in the cryptocurrency industry. The reports reveal that the stock exchange in Israel is looking forward to crypto adoption.
TASE to Expand its Trading Grounds
The Tel Aviv Stock Exchange (TASE) has made a major announcement in favor of the cryptocurrency community. According to the TASE, it is planning on launching a platform for cryptocurrencies.
As announced by the TASE officials on October 24, the new trading platform would be based on the blockchain network. Additionally, it would offer users the ability to perform trades in cryptocurrencies.
Apart from cryptocurrencies, the users would also have the opportunity of performing trades in different digital assets.
For now, it is a statement made by the TASE officials. They have revealed that launching a new cryptocurrency trading platform is part of their business expansion plan.
According to the officials, they plan on launching the platform in the year 2023. The TASE has already set up many agendas in its business strategy plan from the year 2023 to 2027.
As communicated by the TASE officials, cryptocurrency adoption is among the top priorities in their business plan. There is no way they would miss out or cause any delays in the adoption of crypto.
Statement Issued by the TASE
The TASE even issued a public statement confirming the reports that it is aiming to enter the crypto market.
In the statement, the TASE confirmed that it seeks to gain recognition and more users in trades other than stocks. Therefore, it will be getting into multiple trading services.
Some of the major spaces they aim to target include smart contracts, digital assets (multiple assets in tokenized forms), and even DLT.
Multiple Action Plans
The TASE also mentioned its willingness to try out different spaces to gain as much exposure to new technologies as possible.
They also intend to take part in innovative technologies, and want to learn about products and services offered in the digital assets industry.
They also want to play a role in the deployment of major innovative technologies that are associated with the world of digital assets.
Their 5-year strategic plan also includes the development of technological services and solutions.
Once developed, their aim would be to sell these technologies over to market participants and other stock exchanges.
Over time, they want to expand the particular and even attempt to introduce a model for private firms to do the same.
In the next 5 years, the TASE wants to achieve a yearly business expansion rate of 10% to 12%. The growth rate being mentioned here relates to the revenues generated from the particular space.
