Australian stock exchange abandons blockchain revamp

Two kangaroos playing together on a beach.

Australia’s primary securities exchange, ASX, has ditched its plans to embrace blockchain and signed an agreement with Tata Consultancy Services (TCS) to provide a next generation clearing and settlement platform to service the Australian market.

ASX will implement TCS’ flagship product TCS BaNCS for Market Infrastructure to enable the transformation.

Prior to the announcement, the ASX had been working on a seven-year rebuild of its old software. Its new platform...

National Australia Bank to launch 1:1 AUD stablecoin

Australian Flag

National Australia Bank (NAB) plans to launch an Australian dollar-pegged stablecoin on the Ethereum network in mid-2023.

The move would make National Australia Bank the country's second ‘Big 4’ bank to launch such a coin, after rival bank ANZ minted 30 million tokens of its A$DC stablecoin in March 2022.

Much like ANZ’s coin, NAB plans to use its AUDN stablecoin to streamline cross-border payments and support carbon credit trading, according to a report from...

One million Australians to buy crypto for the first time in next year

Sydney, Australia

Around one million Australians will buy into cryptocurrency for the first time over the next 12 months, according to the Annual Australian Crypto Survey commissioned by Swyftx.

Such growth would bring total crypto ownership in the country to more than five million – a fifth of Australia’s population.

Australian crypto exchange Swyftx hired YouGov to conduct the survey, quizzing 2,609 Australians over the age of 18 and finding that 548 of those surveyed held...

Australia and Singapore successfully trial cross-border trade project

Koala Bear, Australia

The Australian Border Force (ABF) has completed a trial testing the interoperability of its blockchain-based verification system with its Singaporean counterpart.

Working alongside Singapore Customs and the Infocomm Media Development Authority of Singapore (IMDA), the ABF has concluded a trial that proves trade documents can be digitally issued and verified across both countries’ systems.

The trial, which was initiated as part of the Australia-Singapore Digital Economy...

ASX postpones launch of blockchain stock exchange programme amid Covid-19 pandemic

The Australian Securities Exchange (ASX) has announced the postponement of the launch of its blockchain stock exchange platform, the Clearing House Electronic Subregister System (CHESS), due to the current coronavirus outbreak.

In a press statement, the company said: “In light of recent events, ASX is re-planning the implementation of the CHESS replacement system. We are conscious of the importance of providing a new schedule, and the need to get the valuable input of CHESS...