The 300-year-old London Stock Exchange is one of the oldest in the global chain and it is looking to take a leap into the digital age by employing blockchain technology. Bockchain technology records data across a distributed network of computers rather the a centralized server – and there is talk coming out of management at the exchange that points to a possible blockchain future. This article was sourced from a CNBC article, Ryan Browne the writer.
Other exchanges, like Switzerland and Gibraltar are reported to be looking at blockchain technology as well. Blockchain, according to CEO Nikhil Rathi, could be used for processes like issuing securities and settling trades. LSE has recently invested in a start-up that claims to have issued the first automated crypto-denominated bond. JP Morgan for instance has said it will launch its own token pegged to the dollar – otherwise known as a stablecoin. This is the same bank in which the CEO, Jamie Dimon was openly critical about cryptocurrencies, once calling Bitcoin a fraud.
The cryptocurrency world has been rocked by a selloff, the 3rd such since 2010 in which the major cryptocurrencies all fall more than 80 percent. Recently Bitcoin has been searching for a price and after forming a base, is rallying from the December 2018 lows of under $4,000. It reached a high in December of 2017, trading to near $20,000 per coin.
From the start of this Wild Wild West market there have been hundreds of coins that have failed and market leaders have suggested that over 70% of the coins issued were actually fake or involved in some way with organized crime. However the Bitcoin boom has faded somewhat but the blockchain world has continued to mover forward with the likes of JP Morgan and the London Stock Exchange showing strong interest.