British FINTECH-startup Equichain will advise the stock exchange in Abu Dhabi (ADX) in the use of new technologies including the blockchain. Relevant partnership agreement was signed on Monday, according to CCN.
Equichain manages two working groups: institutional investors and providers of market infrastructure. Thanks to the blockchain FINTECH-startup intends to simplify the trading process between the companies.
ADX will join the second group will study the application of blockchain platforms and products Equichain to improve the speed and security of transactions on the capital market.
“The goal of this initiative is to seamlessly tie the two ends of the spectrum of institutional investment using the blockchain, thereby eliminating some intermediate levels that are part of the sales cycle, and allowing market operators to expand the scope of its activities”, — said the Executive Director of ADX Rashed al Blooshi.
ADX may be the first stock market in the Middle East and North Africa (MENA), which uses blockchain technology to their services.
Earlier ForkLog wrote that the government of Abu Dhabi plans to create a regulatory framework for the regulation and control over the activities of cryptocurrency exchanges.