South Korean exchanges enter blockchain field and develop blockchain trading system

The Korea Exchange (KRX) is developing a blockchain trading system for over-the-counter transactions, hoping to reduce transaction costs through such a system, according to a report by The Korea Times.

The Korea Exchange, abbreviated as KRX, is the only stock exchange in South Korea, headquartered in Busan, South Korea. It was formed in 2005 by the merger of the former Korea Stock Exchange (KSE), Korea Futures Exchange (KOFEX) and Korea Stock Exchange (KOSDAQ).

A representative from the exchange said:

“We still have a lot of development work to do before we can officially launch this system. We hope that this system will make trading more convenient for OTC traders and save them the cost and time of finding trading partners.”

Trading platform on blockchain

The move makes KRX the latest company to use blockchain technology to build a securities trading platform.

The first blockchain equity trading platform to come into the public eye was the TØ platform launched by the US online retail giant OverStock last summer. It was reported that OverStock spent about $8 million on the development of the TØ platform in 2015.

In November last year, Nasdaq launched the blockchain equity trading platform Linq in its private trading market in cooperation with blockchain startup Chain. In October last year, the Australian Stock Exchange (ASX) also stated that they were seriously considering the possibility of blockchain technology as an alternative system for clearing and settlement systems. In January this year, according to Bloomberg, ASX reached a cooperation agreement with Digital Asset Holdings (DAH), and ASX agreed to invest 14.9 million Australian dollars (about 10.5 million US dollars) in DAH, and DAH would help ASX establish a blockchain system for clearing and settlement.

Original article: http://www.coindesk.com/korean-securities-exchange-developing-blockchain-trading-system/
By Stan Higgins
Translator: printemps
Editor: printemps
Source (translation): Babbitt Information (http://www.8btc.com/krx-blockchain ‎)