The London Stock Exchange Group is planning a new digital markets firm that will provide significant trading of traditional financial assets using the blockchain technology that powers bitcoin. According to Murray Roos, head of capital markets at the LSE Group, the business had been evaluating the possibility for a blockchain-powered trading venue for almost a year and had reached a "inflection point" where it decided to move forward with preparations.
Blockchain is a type of digital ledger that records and validates transactions. The LSE is not constructing anything around cryptoassets, but it is aiming to increase the efficiency of purchasing, trading, and holding traditional assets by leveraging the technology that supports tokens like bitcoin.
"The idea is to use digital technology to make a process that is slicker, smoother, cheaper and more transparent and to have it regulated."
According to insiders, LSEG is considering utilizing a new legal organization for the digital markets business, and it hopes to have it operational within the next year, subject to regulatory permissions. The corporation is already in discussions with regulators, numerous jurisdictions, including the UK government and Treasury.
The rumored move comes as a number of major financial organizations discuss the potential of blockchain to expedite the process of issuing and exchanging financial assets.
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