Greek stock exchange eyes Sui blockchain for on-chain fundraising tool

Avatar


The Greek stock exchange announced that it is considering launching its new tool, the electronic book building (EBB), on the Sui blockchain ecosystem. 

In a blog post on March 6, Sui revealed that the EBB will be developed in collaboration between the Athens Exchange Group (ATHEX) and Mysten Labs, the original contributor to the Sui ecosystem.

ATHEX’s EBB would be a new fundraising future, which would allow early-stage and mature companies to list transferable securities. Sui would host ATHEX securities, which would be minted as digital certificates if played out.

“In this form they would be protected by strong security and transferable, with a transparent chain of custody,” the post read. It highlighted that while blockchain technology seems to be a “natural fit” for stock market-related mechanisms, the EBB deployment on Sui would be one of the first to utilize the technology in such a way.

EBB would be deployed as a blockchain-based “meta-layer” over the current trading order routing system on ATHEX. According to the blog post, the tool would offer liquidity for business proposals for companies looking to fundraise.

The announcement said the project collaboration is still in the evaluation phase and hinges on performance and ATHEX choosing blockchain technology to host its new tool.

Related: Facebook, Instagram go down on Super Tuesday, take Meta stock price with them

The Sui Network is a layer-1 blockchain ecosystem that launched its mainnet in May 2023, and focuses on digital asset ownership. 

A few months after its mainnet launch, it took steps to simplify Web3 logins for users on its Sui-powered apps by allowing logins using Google, Facebook, and Twitch login details via a new zkLogin (Zero Knowledge login) feature.

Since its launch it has built up a reputation for being able to handle high transaction volumes while still maintaining low fees.

In February of 2024 the Sui Foundation launched a Blockchain Academy with United Arab Emirates-based school, the American University of Sharjah, to increase student awareness of blockchain technology and its usability for creating applications and platforms.

The Sui Foundation managing director Greg Siourounis told Cointelegraph in an interview that he sees the goal of this university initiative as being to educate people on blockchain usabili while providing the right tools.

Magazine: Is measuring blockchain transactions per second (TPS) stupid in 2024? Big Questions