Home Market Headlines Jamaica Stock Exchange signs deal to host crypto trading

Jamaica Stock Exchange signs deal to host crypto trading

The Jamaica Stock Exchange, JSE for short, has inked a deal with Blockstation, allowing the exchange to host crypto and security token trading.

A “Master Agreement”

An April 3 press release revealed the two entities put a “Master Agreement” into play with an arrangement approved by JSE and Blockstation. Due to the agreement, the Jamaican institution will be able to host active and regulated cryptocurrency and tokenized security trading.

Canadian financial technology startup Blockstation brings to the table a complete crypto trading solution for JSE, “offering compliant listing, trading, clearing and settlement of digital assets and security tokens to the entire ecosystem of broker-dealers, investors, depositories and regulators,” the statement said.

The duo conducted a successful initial trading run before signing the “Master Agreement,” the statement included.

JSE has worked with Blockstation over the course of the last 12 months to confirm that the partner firm’s product meets expectations, JSE managing director Marlene Street Forrest explained in the statement.

She added,

This is an unprecedented opportunity for the JSE to diversify its product offerings and attract new listings and inbound investments. We welcome retail investors and companies both locally and around the globe to trade digital assets under a safe, efficient and transparent regulatory framework.”

Blockstation cofounder and chief enterprise architect Jai Waterman sees the endeavor as a gateway for traditional market players to enter the growing digital asset industry, as he explained in the statement.

Digital assets are the future of capital markets, and our turn-key solution paves the way for traditional financial institutions to easily adopt this new, game-changing asset class. We look forward to being part of the evolution of finance going forward.”

The fresh deal between the pair will enable JSE to help offer security token offering (STO) solutions to specified interested entities, develop a regulated operation open to institutions and retail investors, as well as multiple other initiatives.

Jamaica’s interest

Financial assets are a big deal in Jamaica. October of 2018 brought news from Bloomberg on Jamaica’s stock market exuberance. The country’s main index has pumped 233% since 2013, Bloomberg noted, which is significantly higher than the S&P 500’s impressive 73% rise during the same time period.

According to the 2018 Bloomberg piece, the country’s government looks for its economy to increase by 5% per year by the time 2020 rolls around, while the country sees billions in funds from China for its infrastructure.

The media outlet noted Jamaica has suffered from intense debt over the years but has cut back on its borrowing, as part of its action plan.

The above is to be considered opinion and not investment advice in any way, as an unbiased media, no one interferes with the Editorial content of CryptoInsider.com, writers have freedom to choose their own direction, members of Crypto Insider do not participate in trades based on content.

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Benjamin Pirus
Benjamin Pirus
BJ is a full time writer, editor, and trader in the cryptocurrency space. He has written many professional articles for numerous ICOs, news sites, and other interested parties in the crypto space. He is also a trader, staying up to date with the crypto markets constantly, and dabbling in traditional financial market trading occasionally.


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