Scottish stock exchange to use blockchain technology

FinTech | October 28, 2016 By:

Scotex announced it is seeking to raise as much as £15 million to start a regulated equity market next year.

Scotex says trades on its exchange will clear nearly instantly and won’t require a clearinghouse, which collects collateral and monitors risks between traders. The company says investors and brokers will get their money within 15 minutes after a trade is executed.

Scotex is raising money to meet the capital requirements, and it also needs cash to cover the costs of authorizing its distributed ledger as a designated payment system.

Scotex would be the country’s first independent stock exchange since 1973.