Tag: ASX

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ASX Australia Blockchain Crypto News

ASX Tokenised Asset Trading Inches Closer to Reality

At last, progress towards tokenised asset trading by the Australian Securities Exchange (ASX) has taken a step forward rather than a step back. A test pilot has been successfully completed with the help of Zerocap, demonstrating how ASX-listed companies could store and trade on the exchange:

It’s Getting Closer

Thanks to Zerocap and its Synfini settlement project, the ASX was able to bridge its custody infrastructure to the platform for trial purposes. Doing so permits the trading and clearing of Ethereum-based tokenised assets.

This recent test pilot is only one part of ASX’s distributed ledger technology (DLT)-based settlement project. Synfini launched in November as a separate initiative from the blockchain-based CHESS (Clearing House Electronic Subregister System) replacement, an upgrade that has been the bane of the project’s existence for some time. The platform allows users access to DLT infrastructure, ledger services and data hosting, while also permitting them to build blockchain applications from it:

According to Zerocap CEO Ryan McCall, final legal approval has been given to launch Synfini asset tokenisation and trading services. He believes there is high interest from organisations who wish to explore tokenisation, along with trade bonds, carbon credits and funds.

https://www.linkedin.com/in/ryanmccall1/overlay/photo/

Thinking beyond Bitcoin, Ethereum and other crypto assets, the tokenisation of bonds, equities, property, carbon credits, private equity, and anything that’s essentially illiquid, there’s a strong value proposition here that we can essentially tokenise any asset and bridge that into the ASX ecosystem.

Ryan McCall, co-founder and CEO, Zerocap

McCall also has faith that Synfini will be a popular tool among a wide range of firms due to the platform’s user-friendly interface and refined variables.

Plagued by Delays

The ASX’s immersion with blockchain has previously been delayed a whopping five times. The most recent of these delays was blamed on issues with blockchain replacement for the clearing system CHESS, and was awaiting an independent review. A spokesperson for ASX stated that “more development is required than previously anticipated to meet ASX’s scalability and resilience requirements for the application”.

The delay to CHESS prior to this was blamed on the firm building the software. At that stage, the project was believed to have already cost ASX A$187 million.

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Australia Blockchain Crypto News

ASX Blockchain Upgrade Delayed for the Fourth Time

The Australian Securities Exchange’s (ASX) Clearing House Electronic Sub-Register System (CHESS) has been delayed yet again. The fourth setback for the blockchain-based upgrade is being blamed on the firm building the software, and is believed to have already cost A$187 million.

https://www2.asx.com.au/markets/clearing-and-settlement-services/chess-replacement
An updated clearing and settlement system is planned for CHESS. Source: ASX

Another Delayed ASX Upgrade

Thanks to this latest setback, the ASX’s data warehouse is reportedly facing “several months of delay”. It was initially scheduled to go live in 2023, but this latest news is placing a lot of doubt on the timeline.  

https://www2.asx.com.au/about/our-board-and-management/our-executive-team

We recognise the impact these changes will have on our customers’ programming activities and apologise for the inconvenience.

Tim Hogben, ASX group executive

It is unlikely that accreditation schedules can begin until July or August of this year at the earliest. The ASX is shifting the blame for the delay to Digital Asset, the company developing the world’s first industrial-scale use of this technology.

Past ASX Blockchain Developments

In August 2020, the ASX looked to upgrade CHESS sooner than originally expected due to an increase in market pressure. However, in July of 2021, it was reported that ASX brokers were spending millions to adapt to the new blockchain-based upgrade, with CHESS making it difficult for SAFAA (Stockbrokers and Financial Advisors Association) members to interact.

Finally, the first of the Industry Test Environments (ITE1) for CHESS opened in December 2021. At the time it was a major step toward the final version of the system, which was set to go live next year.

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Australia

Australian Stock Market Pushes for New High as Bitcoin (BTC) Surges

Bitcoin Fear and Greed Index Clicks 94: Is Bitcoin due for Correction?

As the year rounds up, both the Bitcoin and Australian stock market are seen recouping from the losses incurred during the severe times of the coronavirus pandemic. It’s clearly an exciting time for Bitcoin investors and traders as the leading digital currency is rallying to make another all-time high (ATH) at above US$20,000. Likewise, the S&P/ASX 200 has been making a big push towards the highest point recorded in February.

Aussie Stocks are Bouncing Back

On Wednesday, the S&P/ASX 200 garnered about 39.20 points from the previous level to close at the current point of 6683.3. This represents about 0.59 percent growth. During the trading hours, the index reportedly surged to about 6713 points, which was only 6.7 percent away from the highest level attained in February, before the market collapsed in March due to the pandemic.

The energy, material, and financial sectors are leading the market while other sectors like healthcare, information technology (IT), and communication were seen underperforming. Among other things, the upticks in the Australian stock market were related to the low-interest rates, the news on COVID-19 vaccines progress, including low inflation. While speaking on the development, the market analyst at Bell Direct, Jessica Amir, commented:

“Markets are really just giving us a forward look of what the future is going to look like from here on in. […] It is a pretty good day and another nine-month high, there is not much to complain about.”

Bitcoin on Pace to ATH

The leading cryptocurrency has jumped in price exponentially since the rally began in October. The cryptocurrency is pushing towards the highest level, which is slightly below the US$20,000. Presently, one Bitcoin is traded at the price of US$19,210 on Coinmarketcap, a digital currency price tracking platform. Since the year began, the digital currency has grown by over 100 percent from as low as US$9,500 in January.

Many analysts separately speculated that both the S&P/ASX 200 and Bitcoin are likely to finish at a new all-time high.However, only time would tell how true the speculations can be.