Since the evolution of Web3, the world has witnessed financial flexibility and growth. The decentralization of currencies and fiat has further given control of funds to the people rather than a centralized governing body.
This crypto promotion in the financial industry has encouraged many countries to adopt the web3 experience and broaden the development of the financial sector.
Israel is the latest country to embrace the web3 universe, as the Tel-Aviv Stock Exchange (TASE) recently announced its five-year road map and its inclusion of tokenization as a chance to serve the desires of the people adequately.
It is great news for crypto enthusiasts who can now explore the web3 space. This strategic plan by Tel-Aviv Stock Exchange is primarily to create a platform for digital assets by enhancing innovative technologies’ execution through DLT (Distributed Ledgers) and smart contracts (codes written to execute transactions in a blockchain).
What Is Tel-Aviv Stock Exchange (TASE)?
Tel-Aviv Stock Exchange is an exclusive public trading platform in Israel specializing in debt and equity. Being the only public stock exchange company in the country, TASE has gained influential members and partners since its inception in 1953.
TASE plays a significant role in Israel’s economy. There are 23 members of the exchange company, which majorly includes investment houses and large banks. TASE is known for alleviating the Israeli economy from debts by raising capital for companies and the government.
Legally regulated by the 1968 Securities Law and supervised by the Israel Securities Authority (ISA), the Tel-Aviv Stock Exchange is estimated to have an Equities market cap price of $ 216 billion and $196 billion in Bonds. This has made the company a household name, achieving hundreds of feats for over 69 years of its operations.
Adoption Of The Web3
Announcing the decision of the Board of Directors on Monday, 24, 2022, Tel-Aviv Stock Exchange released its plan of action for the next five years (2023-2027). stating that one of its objectives was to develop a platform for virtual properties by using blockchain (Distributed Ledger) and advancing into the crypto world.
The CEO, Ittai Ben-Zeev, further stated that TASE would explore several ways to develop the transformation of the present infrastructure into innovative technologies and provide a myriad of products and services of digital assets to the public.
The founder of CryptoJungle, an Israeli crypto media outlet, Ben Samocha, praised this positive transition by Israel’s only public stock exchange company by stating that TASE’s move is an approval of the country’s acceptance of crypto. He mentioned that this is a bold and successful move as the mechanism that powers the virtual assets can also boost the traditional financial sector.
Ittai Ben-Zeev notes in the announcement that the company recognizes the market’s and its customers’ needs. Hence, strategizing for its next five-year to not only initiate but champion the web3 universe by creating a platform for digital assets that its customers can better access and enjoy its services to the next level.
What Does This Mean For The Future Of Crypto In Israel?
Having the biggest public financial stock exchange declare its transition to the web3 space by building a platform to accommodate digital assets is the right step into constructing a world whereby large-scale companies can conduct their transactions in a decentralized system effortlessly and adequately.
According to the CEO, the goal of the Tel-Aviv Stock Exchange (TASE) is to grow the community capital market’s project to match the country’s economy.
Focusing on reshaping the ideology around the traditional financial sector by embracing the cryptocurrency market and boosting the growth of the country’s economy, TASE has paved the way for the mass acceptance of trading with digital assets.
The Israeli financial market has long since requested the conversion from the traditional financial sector into the modern blockchain ecosystem, whereby monetary transactions and other activities are made without delay and with ease.
TASE plans to expand its market reach and aims to record high-yielding profits from the strategic goals announced on Monday, 24, 2022.
Conclusion
TASE, the only public stock exchange company, recently announced its vision of embracing the crypto market by building a platform for digital assets. This expansion is the first of many blockchain-based business moves to boost Israel’s economy as the country has opened its arms to crypto.
