ASX prepares for crypto listings
In a significant about-face on crypto, the Australian Securities Exchange (ASX) is preparing for an influx of crypto listings.
The ASX’s CEO, Dominic Stevens, has previously been hesitant to consider crypto companies. Last year the ASX submitted findings warning against the potential for crypto. Now, according to a SMH report, Stevens sees an influx of listings in the years ahead. He specifically referred to the Block-AfterPay merger last month as an example of what to expect around crypto and business.
“I think as the industry matures, you may see Square-like companies listing into the future,” Stevens said in the SMH report.
Stevens went further to say that the ASX was working towards being able to permit pure EFTs around either Ethereum or Bitcoin (a pure fund being an ETF that inclusively holds crypto assets), but the market volatility was, at present, a detriment to that long term possibility.
Finally, although Steven is stepping down, he has set in motion a shift for the ASX away from aging CHESS architecture and towards a DLT-based settlement system.
The ASX is known for having a relatively small number of tech-based firms listed on it. Embracing crypto might be a way for the exchange to broaden beyond the resources and financial services that typically dominate it.