One of the largest stock exchanges, Deutsche Börse announced on Monday, September 3, on the establishment of a special unit that will deal with the blockchain technology and cryptocurrency assets.
A new unit of 24 people, headed by Jens Hachmeister, who stood at the head of the other blockchain initiatives of Deutsche Börse since April of this year. In particular, the exchange studied such capabilities as the creation of smart contracts, settlement of transactions in securities and cooperation with international depositories.
However, so far, all these initiatives were not bound together and are not coordinated on a single level. This task is intended to solve the new unit because, as noted by Jens, Hachmeister, “to reveal the full potential of this technology for our business needs-driven approach.”
According to representatives of Deutsche Börse, the blockchain can be used in areas such as trading, clearing, pre-IPO, securities settlement and data Analytics.
“Expectations are high, but not all of them, of course, will be justified. However, from the point of view of Deutsche Börse, the blockchain technology is a key opportunity to create new market structures, new products and the expansion of existing proposals,” said Jens Hachmeister.
One of the applications of blockchain technology that Deutsche Börse is likely to investigate more deeply, it is lending against securities as collateral. As recently as last week, the stock exchange acquired a controlling stake in the company’s financial management and liquidity provision HQLAX, which, together with R3 consortium also developed a platform for the transfer of ownership of securities. In April 2018 this platform was successfully tested by major European banks Credit Suisse and ING.
We will remind, in June, Deutsche Börse announced plans to invest 270 million euros in solutions that use the blockchain, artificial intelligence, big data, cloud computing and robotics.
In the foreseeable future, Deutsche Börse can launch futures for bitcoin and other cryptocurrencies.
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