Finlay James US

Australian Stock Exchange to Move to Blockchain

Australian Stock Exchange to Move to Blockchain

Australia's main stock exchange has said it will become the first global market to use the technology behind Bitcoin to clear and settle trades.

The Australian Securities Exchange (ASX) will replace its current clearing system with blockchain technology.

The new system has been in development and testing for more than two years and aims to cut the cost of transactions, and make them faster and more secure.

A timeline for the transition to the technology will be given by March.

ASX chief executive Dominic Stevens said the move to distributed ledger technology - also known as blockchain - will "put Australia at the forefront of innovation in financial markets".

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