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The London Stock Exchange Group (LSE Group) is taking decisive steps to leverage blockchain technology, a digital ledger system, for a new trading platform focused on conventional financial assets. Reports indicate that LSE Group's venture into blockchain has been a subject of internal exploration for more than a year, under the leadership of Murray Roos, the firm's chief over its capital markets division.
Roos clarified that the emphasis of the new initiative is on increasing the efficiency of transactions involving conventional assets, not on developing products connected to cryptocurrencies. He stated that the new system would aim to simplify and make more cost-effective the process of purchasing, holding, and selling assets like stocks and bonds. The planned platform will operate under appropriate regulatory oversight, ensuring it complies with legal frameworks.
The move comes after careful consideration of two key factors: the readiness of investors to embrace blockchain and the maturity of the blockchain technology itself. Roos pointed out that the timing seemed right to proceed, asserting that if their initiative successfully launches, the LSE Group will have the distinction of being the inaugural major global stock exchange with a blockchain-driven system covering every step of the investment process.
The financial industry, traditionally slow in adopting new technologies, appears to be gradually recognizing the potential of blockchain. SWIFT, a significant player in global bank communications, released a report on August 31 detailing the possibilities of integrating blockchain to solve the challenge of cross-network interoperability.
In an equally noteworthy move outside the finance sector, Lufthansa Airlines introduced a loyalty program based on nonfungible tokens (NFTs) on August 31. Operating on the Polygon network, this program offers NFT holders unique perks such as premium lounge access and opportunities for upgraded flights.
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