Chain issues shares on the Nasdaq blockchain platformbr>
Chain announced it has issued its shares on the Nasdaq blockchain platform.
Nasdaq touted the move as the “first-ever private securities issuance documented with blockchain technology.” It noted that the transaction significantly reduced settlement time and eliminated the need for paper stock certificates.
“Through this initial application of blockchain technology, we begin a process that could revolutionize the core of capital markets infrastructure systems. The implications for settlement and outdated administrative functions are profound,” said Nasdaq CEO Bob Greifeld.
Nasdaq partnered with Chain to develop the platform, later named ‘Linq’, that is currently being piloted on Nasdaq’s Private Market. The market facilitates the exchange of pre-IPO shares, whose settlement is said to have been facilitated by lawyers manually entering data into Excel spreadsheets.
Chain is a blockchain technology startup.