A New Blockchain Technology Market to be Introduced by Stock Exchange of Thailand
Thailand’s national stock exchange has started a new blockchain-powered component for startups.
The Stock Exchange of Thailand (SET) has begun a crowdfunding marketplace that is created on blockchain technology to widen the access to capital funds for domestic startups.
As per a declaration on Friday from the Stock Exchange of Thailand (SET) the new service, named LiVE, uses blockchain technology to enable peer-to-peer trading to assist startups to access new capital from investors, including those brought from the venture capital and institutional investor worlds.
Kesara Manchusree, the President of Stock Exchange of Thailand (SET), said in a statement:
“‘LiVE’ platform will be a pivotal mechanism to help push forward Thailand’s growth especially allowing startups and SMEs to have more financial accesses through crowdfunding. Businesses can utilize LiVE to promote to a wider target group while using [the] partnership to expand [our] customer base.”
The Launch follows a year-long technological development process. According to a previous report, the Stock Exchange of Thailand (SET) started planning to develop a crowdfunding platform for startups in March a year ago. At the time, the SET stated that over 600 companies had shown interest in joining the blockchain technology powered marketplace.
In the meantime, other stock exchange in the world such as Hong Kong Stock Exchange, are likewise looking at blockchain as a means to develop securities markets for smaller businesses.