The five-year strategy is anticipated to involve creating and marketing technology products and services to other exchanges and market players in order to broaden its market reach, according to Cointelegraph.
According to Cointelegraph, the Tel Aviv Stock Exchange (TASE) announced on October 24, 2022, that it will be creating a blockchain-focused platform to expand its trading services to include cryptocurrencies and other digital assets between 2023 and 2027.
The exchange stated that TASE intended to look into a variety of potential action plans, including the conversion of current infrastructure to cutting-edge technologies, the use of cutting-edge technologies in specialized platforms, the provision of a range of services and goods for digital assets, and more.
The five-year plan, according to Cointelegraph, is expected to include moving toward a private-firm model by creating a new publicly-traded holding company with 100% ownership of the bourse, as well as developing and selling technology solutions and services to other exchanges and market participants for expanding its market reach. The platform’s subsidiaries are anticipated to serve as divisions of the new holding company. According to TASE, “the new structure will be made up of a holding company with a number of subsidiaries (both current subsidiaries and subsidiaries that will be created to achieve the plan’s objectives).”
The management of TASE has set a five-year compound annual growth rate (CAGR) revenue target of 10–12% from organic growth based on data provided by Cointelegraph and the new strategic plan. The execution of a strategy for purchases and investments in TASE’s areas of business may reportedly be expected as part of the redrafting of the ownership structure, the firm said. The idea, according to TASE, was developed in response to the company’s announcement of cooperation with Israel’s Ministry of Finance to test a blockchain-focused platform for trading digital bonds.
Cointelegraph also pointed out that TASE announced cooperation with Bank for International Settlements and other central banks in September 2022 to investigate the use of central bank digital currencies for international retail and remittance payments.
