Blockcrux
  • News
    • Blockchain
    • Regulations
    • AI
    • Scams
  • Crypto
    • Bitcoin
    • Ethereum
    • Altcoin
  • Web3
    • NFT
    • DeFi
  • Press Release
  • Learn
  • Contact
    • Advertising
    • Submit Press Release
Reading: Australia’s Major Stock Exchange Bans Blockchain
Share
Font ResizerAa
BlockcruxBlockcrux
Search
  • News
    • Blockchain
    • Regulations
    • AI
    • Scams
  • Crypto
    • Bitcoin
    • Ethereum
    • Altcoin
  • Web3
    • NFT
    • DeFi
  • Press Release
  • Learn
  • Contact
    • Advertising
    • Submit Press Release
Blockcrux
  • News
    • Blockchain
    • Regulations
    • AI
    • Scams
  • Crypto
    • Bitcoin
    • Ethereum
    • Altcoin
  • Web3
    • NFT
    • DeFi
  • Press Release
  • Learn
  • Contact
    • Advertising
    • Submit Press Release
Reading: Australia’s Major Stock Exchange Bans Blockchain
Share
Follow US

Home - Australia’s Major Stock Exchange Bans Blockchain

General NewsBlockchain

Australia’s Major Stock Exchange Bans Blockchain

Toby
By Toby May 19, 2023 328 Views
Share
Australia’s Major Stock Exchange Bans Blockchain
Australia’s Major Stock Exchange Bans Blockchain
SHARE

One of Australia’s most popular stock exchanges, The Australian Securities Exchange (ASX) has now declared that blockchain will be banned. Previously, the exchange had plans to build its software using blockchain technology but this decision stops those plans. 

https://twitter.com/cryptomacro14/status/1659472861751549952?s=20

In November 2022, the exchange paused the rebuild of its trading software which was based on the concept of decentralised computing. This decision has left investors in Australia frustrated. The exchange said that they have other plans to rebuild the 30 years old trading software but they would never consider the use of blockchain or DLT (Distributed Ledger Technology). 

Also read: Singapore-US Trial Proves Blockchain’s Viability for Cross-Border Payments

Conventional Methods Preferred Over Blockchain

Tim Whitely, the project director said that the exchange is considering other conventional methods that would give them favourable business outcomes. When ASX decided to implement blockchain as its core technology for trading, it was the first-ever stock exchange in the world that would bring in this feature. The technology for the project was provided by Digital Asset which is a New York-based company. ASX also bought a small chunk of stakes in Digital Assets in 2016.

According to Whitely, the market participants are considering a less risky software and they are not much happy with the sudden change in the trading software. He said that the exchange has taken their feedback seriously. All these factors would be considered while planning for the creation of the new software.

In a meeting, Whitely also said that the exchange was all geared up to implement a new strategy by year-end and the exchange had sent proposals to software vendors who responded positively to this matter. Australian exchange was all set to be an example to the world if they had adopted blockchain technology. Time will tell us whether they made the correct decision or a blunder.

***

TAGGED:ASXAustraliablockchainStockExchange
Share This Article
Facebook Twitter Email Print

PRESS RELEASE

KyberSwap integrates dappOS V2 to offer intent-centric trading UX

LastLand: The Play2Earn Revolution of 2023 in the BigTime Ecosystem
Rise of the Cybernetic Canine: Dogelend’s 1000X Leap Beyond DOGE
Vaultus Finance Announces Official Launch of Advanced DeFi Vault Management Platform
Algorand (ALGO) Rises To $0.212; New Algorand Tokenization Competitor Gains Presale Momentum As Whales Dive In

LATEST NEWS

$0.04 Altcoin With AI Utility Set To Replace XRP As The Most Talked About Crypto In 2025 So Far

$0.04 Altcoin With AI Utility Set To Replace XRP As The Most Talked About Crypto In 2025 So Far

Toby Toby January 25, 2025
New Globe Utopia is Providing Consultancy Services to Help Individuals Maximize Human Potential
Singapore Grants Regulatory Approval to Blockchain.com
Crypto Whale Dumps $3.41 Million In Maker (MKR) Tokens To Buy This Viral Ethereum Presale
New Crypto Scam Uses Bear Grylls For Fake Celebrity Endorsements
Blockcrux Logo blockcrux logo

About Blockcrux

Blockcrux is a web3 news publisher dedicated to delivering the latest, most accurate insights into blockchain and decentralized technologies. Covering everything from cryptocurrencies to NFTs and DeFi, it offers uncensored, real-time news, embodying the transparency and democracy inherent in the web3 ecosystem.

News

  • Blockchain
  • Crypto
  • Web3
  • AI

Help

  • Contact
  • Advertising
  • Submit Press Release
  • Privacy Policy

© Blockcrux News Network. All Rights Reserved.

Follow US on Socials

Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?

Last Updated on May 19, 2023 by Toby