Abu Dhabi Securities Exchange Joins Equichain’s Blockchain Working Groupbr>
Founded in 2015, EquiChain is building a global capital markets infrastructure platform. It operates two exclusive, invitation-only working groups: one for institutional investors and one for market infrastructure providers.
ADX operates a stock exchange in the United Arab Emirates. The company lists investment funds and debt instruments of various companies. It also provides information on the market and listed companies, technical short selling service, financial reports, and historical data for investors, researchers, and parties interested worldwide.
Under the agreement, ADX will join one of the working groups, which also comprise thought leaders from across the financial services industry, to facilitate a closer dialogue and share experiences and best practices on institutional blockchain technology, which can be utilized by the exchange.
“The open exchange with Equichain and members of the working group will allow us to identify and test new applications of blockchain technology, aiming to enhance the speed and security of capital market transactions to the benefit of our investors and stakeholders,” said Rashed Al Blooshi, Chief Executive of ADX.
In October 2017, ADX utilized blockchain technology in e-voting services for Annual General Meetings (AGM) of its listed companies, making it the first stock market in the Middle East and North Africa region and the third globally to adopt blockchain in its services.
Through the partnership with Equichain, ADX aims to eliminate some of the intermediating layers that form part of today’s trade cycle, while enabling incumbents to redefine and expand their product scope. The goal is to seamlessly connect the two ends of the institutional investment spectrum through blockchain.
Nicholas Bone, founder and CEO of Equichain, said this partnership will further their efforts towards establishing a more streamlined capital markets environment for investors, providing greater efficiency, reduced risk and lower cost.