Cryptocurrencies

Jamaica Stock Exchange to launch its own token and a trading platform

The Jamaica Stock Exchange (JSE) is preparing itself to become by the end of this year the first international stock exchange to launch a cryptocurrency and a crypto trading platform.

The JSE announces it has signed a memorandum of understanding (MoU) with Canadian FinTech firm Blockstation.

JSE Managing Director Marlene Street Forrest said that Blockstation would help the Jamaican exchange to enable its clients to trade digital currencies within a secure and regulatory framework.

Street Forrest also comments that cryptocurrencies as an investment product are in line with equities, bonds and other investment tools the JSE already has on offer.

Six months in the works

Blockstation co-founder Jai Waterman says his firm has been working for the past six months with the JSE in developing a customised trading platform.

“Our mission is to provide a secure method of trading cryptocurrencies with broker-dealers and stock exchanges,” he said.

“We’re providing the stock exchange with the technology for a broker-dealer network and repository, so that from end-to-end, their life cycle of trading – just like with securities – they can do the exact same thing with blockchain and cryptocurrencies.”

Price manipulation tracking tools

The JSE has asked Blockstation to integrate tools within the crypto trading platform that would allow it to track market manipulation as well as other regulatory requirements.

“It’s very important for investors to be able to invest in digital assets through their traditional financial institutions,” said Kirk Brown, head trader for brokerage firm and JSE member Sagicor Investments.

“It’s exciting to be at the cutting edge where digital currency demand meets safe, reliable access”.

Street Forrest says the JSE is also exploring other applications blockchain technology may bring to the Jamaican stock exchange.

Olivier Acuña

Olivier has been writing for over 30 years. He has been based in six countries working for major news outlets including the Guardian, UPI & AP. He has covered massive earthquakes, presidential elections, immigration, and taken photos standing in the middle of shootouts between drug cartels, gone undercover to investigate organised crime, interviewed presidents, former presidents, heads of international organisations.