The Tel Aviv Stock Exchange (TASE) reportedly revealed details related to the formation of a blockchain-powered platform to widen its trading services scope to cover crypto and other digital assets. 

Specifically, the development is reportedly in the overall strategic plan for 2023 to 2027 of the entity.

“TASE will promote the implementation of innovative technologies, including DLT, tokenizing of various classes of digital assets and smart contracts. TASE intends to examine multiple potential action plans, including conversion of existing infrastructure to innovative technologies, deployment of innovative technologies into specialized platforms, offering a basket of services and products for digital assets and more.” The exchange stated in terms of its decision to break into crypto and the creation of a digital asset platform. 

Moreover, the half-decade plan will also come with designing and selling technological services and offerings to different exchanges and market participants, widening the scope of its market reach, as well as completing the transition into a private-company model via the design of a new publicly traded holding firm, with 100% ownership of the bourse.

Its subsidiaries will assume the role of units belonging to the new holding firm. “The new structure will consist of a holding company with several subsidiaries (both existing subsidiaries and subsidiaries that will be established to further the goals of the plan),” per TASE, which went public three years ago.

Under the freshly rolled out strategic plan, TASE’s management has established a compound annual growth rate revenue target that will last for half a decade of 10% to 12% from organic growth. 

The reshaping of TASE’s ownership structure may also come with the “implementation of a plan for strategic purchases and/or investments in its areas of activity and/or in areas that offer added value to its activity,” as shared by the firm, mentioning a potential buy-out plan of foreign and small exchanges.

The plan, which stated by TASE, was built by taking into account an analysis of industry trends, surfaced days following the firm disclosing an alliance with Israel’s Ministry of Finance to run trial phases for a blockchain-backed platform for digital bonds trading.