After CEO resigns, ASX announces continued support for blockchain initiatives

Elmer Funke Kuppar, CEO of the Australian Stock Exchange (ASX), recently resigned due to a bribery scandal. Prior to this, ASX had been exploring the application of blockchain technology to transaction settlement and clearing systems, and had also made significant investments in blockchain projects of digital asset companies, in which former CEO Kuppar played an important role. Many media outlets are speculating whether ASX will change its view on blockchain with Kuppar's departure.

Elmer Funke Kuppar, former ASX CEO

ASX officials recently stated that they will continue with the blockchain integration plan led by their former CEO.

ASX acting chairman Rick Holliday-Smith told Bloomberg he sees distributed ledger technology as a unique opportunity for Australia to help financial technology industry leaders

Holliday-Smith said in an email to Bloomberg:

“ASX board unanimously endorses development of distributed ledger technology”

He also said the exchange expects to make a decision on the “suitability” of the blockchain by the middle of next year.

Rick Holliday-Smith

Yesterday, ASX officially issued a statement: the company's former CEO Elmer Funke Kuppar officially resigned after serving for 4 and a half years.

The news of Funke Kupper's resignation has caused reports and speculation from many local media that without this person who led the exploration of blockchain technology, the ASX may re-evaluate blockchain.

As part of the ASX’s foray into the blockchain industry, the exchange invested $10 million in January 2016 to purchase a 5% stake in Digital Asset Holdings. Digital Asset eventually raised a total of $60 million in funding to develop blockchain services for securities settlement.

The ASX is one of many companies embracing blockchain technology for its post-trade services.

Other exchanges are also committed to the research and application of blockchain. In January 2015, the New York Stock Exchange invested $75 million in Coinbase, and in December 2015, Nasdaq issued the first private securities using the blockchain service Linq. The U.S. Securities and Exchange Commission (SEC) approved Verstock's tØ platform to issue stocks on its blockchain.

Original article: http://www.coindesk.com/asxs-blockchain-ambition-unchanged-following-ceos-resignation/
By Michael del Castillo
Compiled by: Kyle
Source (translation): Babbitt Information (http://www.8btc.com/asx-support-blockchain)