The Tel Aviv Stock Exchange disclosed the creation of a blockchain-based platform to expand its trading services to cryptocurrencies and other digital assets as part of a new strategic plan for 2023 to 2027.
Additionally, the five-year plan will include developing and selling technological solutions and services to other exchanges and market participants, expanding its market reach, and transitioning to a private-firm model through the creation of a new publicly traded holding company with 100% ownership of the bourse.
Its subsidiaries will act as units of the new holding company. The new structure will consist of a holding company with several subsidiaries (both existing subsidiaries and subsidiaries that will be established to further the goals of the plan),” said TASE, which went public in 2019.
Within the new strategic plan, TASE’s management has set a five-year compound annual growth rate revenue target of 10% to 12% from organic growth. The reshaping of TASE’s ownership structure may also include the “implementation of a plan for strategic purchases and/or investments in its areas of activity and/or in areas that offer added value to its activity,” stated the company, referring to a possible acquisition plan of foreign and small exchanges.
The plan, which TASE claimed was based on an analysis of industry trends, came days after the company announced a partnership with Israel’s Ministry of Finance to test a blockchain-backed platform for digital bonds trading. Under the name Eden, the bonds will be issued by the Ministry of Finance, and the project aims to reduce costs and streamline the issuance of national bonds.
