Tel Aviv 800x500 - Tel Aviv Stock Exchange Teams Up With Accenture and The Floor to Build Lending Blockchain Platform

Tel Aviv Stock Exchange Teams Up With Accenture and The Floor to Build Lending Blockchain Platform

Tel Aviv Stock Exchange (TASE) is working with Accenture and The Floor, so as to build a blockchain securities lending (BSL) platform. The main intention is to allow customers the direct lending of financial instruments.

TASE Partnerships to Implement Blockchain Platform

Different financial institutions all over the world are starting to embrace blockchain technology. This is the case of the Tel Aviv Stock Exchange that will be working with Accenture, and the Israeli fintech start-up, to build the BSL. Tel aviv stock exchange 300x214 - Tel Aviv Stock Exchange Teams Up With Accenture and The Floor to Build Lending Blockchain Platform

The new platform will act as a ‘one-stop-shop’ for securities lending activities. Furthermore, it will be permitting access to larger securities volumes in shorter time positions.

The platform is expected to reduce costs, increase security and provide more flexible lending activities. The distributed ledger technology used is rom the blockchain consortium Hyperledger.

Ittai Ben-Zeev, CEO of TASE, explained:

“Blockchain technology will present a new level of safety for securities lending and will support growth for transactions based on this new platform. Without a doubt, TASE is now, more than ever before, a global financial innovation leader.”

The main role of Accenture will be related with the platform’s smart contracts. In addition to it, they will be offering other services to support the BSL platform.

Jacob Benadiba, managing director of Israel Accenture, said:

“We are very pleased to provide our expertise and capabilities in blockchain, capital markets and fintech ecosystem in order to facilitate this exceptional collaboration. This project will help TASE create an innovative end-to-end solution that addresses their business, security and technological needs under an extremely powerful new paradigm.”

Israel is known around the world as being a start-up hub. Technological enterprises have been settling in the country, and blockchain and crypto-related industries wanted to spread there as well. The main problem with it, is that the government has taken a very restrictive approach regarding virtual currencies. Local authorities have taxed them very hard, and most of the projects are moving to other countries with more open policies towards these new revolutionizing technologies.

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