Jamaican Stock Exchange (JSE), with the help of Canada-based Fintech firm Blockstation will soon introduce trading of cryptocurrencies and tokens. Both organizations released a joint statement on Tuesday 14th August, in which the disclosed that Blockstation has been selected to crypto trading service.
According to the press release, the collaboration will make JSE one of the first international stock exchanges to offer a digital currency and token trading platform. The exchange will offer quotes, execution and settlement services along with trading.
Also, the exchange will maintain its current regulatory standards for the crypto trading platform. Kirk Brown, Head Trader for a broker member of the JSE, described the offering as a cutting edge where demand for digital currencies meets “safe reliable access”. According to Brown, “It is very important for investors to be able to invest in digital assets through their traditional financial institutions.”
Before Tuesday’s announcement, Blockstation had conducted a beta testing with the JSE. Five broker members took part in the live workshop with representatives from local regulators. Marlene Street Forrest, Managing Director of the JSE, said that the exchange was comfortable moving ahead based on the training and support provided by Blockstation.
JSE will be one of the growing numbers of stock exchange companies going into cryptocurrency. The list includes the Swiss stock exchange and more recently, German exchange, Stuttgart Börse. SIX, operators of Swiss Stock Exchange announced in July that it was building a cryptocurrency trading platform while Stuttgart Börse decided to explore a similar crypto asset exchange following demand from retail and institutional investors.
There are over 70 companies and over 100 securities listed on the Jamaican Stock Exchange. The exchange signed a Memorandum of Understanding (MOU) with Blockstation, for the two organizations to collaborate in the future.