ATHEX and Mysten Labs to Develop Novel Blockchain-based Fundraising Tool on Sui Ecosystem
Summary:
The Athens Stock Exchange Group (ATHEX) and Mysten Labs are potentially joining forces on the Sui blockchain platform to develop electronic book building (EBB), a new fundraising tool for businesses. If successful, ATHEX's transferable securities would be minted as digital certificates on the Sui network. The EBB application would be a pioneering use of blockchain in stock markets and would rest on the performance and ATHEX's decision to utilize blockchain technology for the new tool. Meanwhile, Sui continues to streamline user experience and promote blockchain education.
The Hellenic Stock Market is reportedly looking into introducing a new tool known as electronic book building (EBB) on the Sui blockchain platform, according to a recent blog post by Sui. Developing this novel EBB tool is set to be a joint venture between the Athens Stock Exchange Group (ATHEX) and Mysten Labs, who are a foundational contributor within the Sui ecosystem. The EBB proposed by ATHEX stands to bring a fresh avenue for fundraising, enabling both burgeoning and established businesses to disclose transferable securities. ATHEX's securities would be available on the Sui platform, taking on the form of minted digital certificates, contingent on fruition. The post indicated that these securities would be subjected to robust security measures while being transferable and maintaining a clear transaction history. The post also observed that although blockchain technology is seemingly well-suited to stock market operations, the application of EBB on the Sui system would be among the pioneering uses of this tech in such a context. The EBB would be integrated as a blockchain-structured "meta-layer" on top of the existing trading order routing scheme of ATHEX, offering fluidity for business proposals from firms in the pursuit of generating funds. The completion of the project remains under review and its continuation will depend on its performance and ATHEX's decision to host its novel tool using blockchain tech. The Sui Network is a primary-layer blockchain ecosystem that unveiled its mainnet in May 2023, prioritizing digital asset ownership. Subsequent to the mainnet launch, it initiated measures to streamline Web3 logins for its users via Sui-powered apps, by permitting logins using Google, Facebook, and Twitch credentials through a zkLogin feature (Zero Knowledge login). It has garnered a reputation for handling substantial transaction volumes while keeping fees low since its inception. The Sui Foundation partnered with the UAE-based American University of Sharjah in February 2024 to establish a Blockchain Academy, aiming to enhance students' understanding of blockchain technology and its applicability in devising applications and platforms. Managing director of the Sui Foundation, Greg Siourounis, expressed to Cointelegraph in an interview that he sees the aim of the academic program as educating users on blockchain possibilities and providing them with the necessary tools.
Published At
3/7/2024 3:54:35 PM
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