‘They were building a Frankenstein’: how ASX’s blockchain unravelled
The ASX was trying to create a “single source of truth” around equity ownership to make the market more efficient.
When Elmer Funke Kupper jumped on the blockchain bandwagon in early 2016, announcing ASX would invest in New York-based start-up Digital Asset to deploy the emerging technology in an upgrade to the market’s clearing and settlement system, his intentions were good.
At the time, the ASX CEO figured a distributed ledger, similar to the technology underpinning the bitcoin cryptocurrency, would allow ASX to create a “single source of truth” around equity ownership to make the market more efficient.
Subscribe to gift this article
Gift 5 articles to anyone you choose each month when you subscribe.
Subscribe nowAlready a subscriber?
Introducing your Newsfeed
Follow the topics, people and companies that matter to you.
Find out moreRead More
Latest In Financial services
Fetching latest articles