Abu Dhabi: First exchange in Middle East uses Blockchain technology!

Abu Dhabi Securities Exchange (ADX) entered into partnership with British fintech company Equichain. Equichain offers Blockchain technology for capital markets and hopes for a global exchange through its working groups. With the inclusion of the abu-Dhabi Exchange, it will become the first in the Middle East to use Blockchain technology.

While many skeptics still distrust the cryptocurrency, there is very little criticism of the Blockchain. Instead, it is becoming increasingly popular worldwide. With Abu Dhabi Securities Exchange (ADX), the new promising technology found another follower. For example, stock exchange hopes that Blockchain technology will improve transaction speed and increase security.

Although Equichain ADX is to advise in how they can use the Blockchain to improve efficiency in the context of market control. However, the focus of this cooperation is not the one-sided consultation of the abu-Dhabi stock exchange by the fintech company. Rather, it will be about a global exchange that will optimize the use of Blockchain technology. ADX Chief Executive Rashed Al Blooshi said:

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“Open exchange with Equichain and members of the working group will enable us to identify and test new applications of Blockchain technology to increase speed and security of capital market transactions for the benefit of our investors and stakeholders.”

Equichain operates two workgroups that can only be joined by invitation. One group is reserved for institutional investors, the other for market infrastructure providers such as stock exchanges. The company’s goal is to use Blockchain technology to simplify the complex processes within the trading cycle and thus support investors and capital markets. ADX will join the Leadership Group, which explores “applications of Equichain platforms and products and provides a forum to discuss the practical application of Blockchain in capital markets.” An exchange between the group members should help to provide experience of institutional use be shared with Blockchain technology.

“This [partnership] will strengthen our efforts to create a streamlined capital market environment for investors that offers greater efficiency, lower risk and lower costs,”

said Nicholas Bone, Founder and Chief Executive of Equichain.

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