Israel is set to expand its regulated cryptocurrency offerings, as the Tel Aviv Stock Exchange (TASE) prepares to introduce new crypto services in partnership with digital asset platform Fireblocks. The collaboration aims to provide institutional-grade digital asset solutions for regulated entities in Israel.
The TASE announced the partnership on August 1, highlighting the importance of joining forces with Fireblocks to revolutionize the global digital assets landscape. The exchange believes that this collaboration epitomizes its dedication to delivering secure, regulated, and innovative digital asset solutions.
The CEO of Fireblocks, Michael Shaulov, expressed his excitement about the partnership, stating that it builds upon the success of Project Eden. This initiative focused on the application of blockchain infrastructure in the issuance and settlement of digital government bonds. Fireblocks and the crypto firm BlockFold participated in the proof-of-concept phase of the project, which was completed in early June 2023.
Shaulov believes that the digital asset products and services being explored by the TASE will play foundational roles in the future of Israel’s economy.
The TASE has been actively working towards creating a blockchain-based digital asset platform since October 2022. The exchange intends to explore various options, including the conversion of existing infrastructure to innovative technologies and the deployment of specialized platforms. Additionally, the TASE aims to offer a wide range of services and products for digital assets.
In March 2023, the TASE proposed an expansion of crypto trading activities to non-banking members. This proposal would allow non-banking members to act as licensed providers for crypto trading and custodial services. The goal is to stimulate the growth of the cryptocurrency market in Israel.
The TASE’s move towards expanding its crypto offerings aligns with the growing global interest in digital assets. As the value and popularity of cryptocurrencies continue to rise, more institutions are seeking opportunities to engage with this new asset class. By offering regulated crypto services, the TASE aims to provide a safe and secure platform for investors to participate in the emerging digital asset market.
The collaboration with Fireblocks, a leading digital asset platform, brings together the TASE’s market experience and reputation in Israel with Fireblocks’ cutting-edge technology for moving, storing, and issuing digital assets. This partnership has the potential to enhance Israel’s position in the global digital asset landscape and contribute to the country’s economic growth.
It is worth noting that the TASE has not provided further information or comments regarding these developments, but it is expected that more details will emerge as the partnership progresses.
In conclusion, the Tel Aviv Stock Exchange’s partnership with Fireblocks marks a significant step towards expanding regulated cryptocurrency opportunities in Israel. By offering institutional-grade digital asset solutions, the TASE aims to provide a secure and innovative platform for regulated entities to engage with cryptocurrencies. This collaboration builds upon the success of previous initiatives and demonstrates Israel’s growing interest in the digital asset market. As the partnership progresses, more information is expected to emerge, further solidifying Israel’s position in the global digital asset landscape.