By A stock exchange built on ethereum, SprinkleXchange is reportedly listing its first company next month.
Alexander Wallin, CEO of Sprinkle Group told Bloomberg during an interview on Friday:
“We have the luxury of being first with this, but we’re aware that it will become a crowded market.”
The Bahrain-based platform which operates within a regulatory sandbox which is overseen and created by the nation’s central back, makes use of a decentralized clearing and settlement system which utilizes automation in order to reduce time and cost. Prices will be determined by the Dutch auction method and SprinkeXchange will charge a 1% fee.
Wallin told the press that the listing cost would be comparable to that of a Swedish stock exchange but “you get global access and we can show that you also get better liquidity.”
Furthermore, SprinkleXchange has plans to entice companies which boast market capitalizations between $20 to $200 million. The company expects to list 35 companies in the next year and hopes to have as many as 1,000 in the years to come.
In addition to trading stocks, the company will also offer trading in cryptocurrencies and has announced plans to add ETFs (exchange-traded funds) in the future.
Several traditional stock exchanges are currently making moves to incorporate blockchain technology into their platforms. SIX, which is Switzerland’s number one stock exchange has announced plans to launch a blockchain platform to speed up trading later this year. The Gibraltar Stock Exchange also recently launched the listing of tokenized securities.
Lastly, the Australian Securities Exchange is allegedly rebuilding its CHESS settlement platform by implementing blockchain tech provided by Digital Asset and several other stock exchanges in Jamaica, Thailand and Spain have also announced projects which include crypto and blockchain technologies.
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