Thailand’s Stock Exchange Launches Blockchain Platform in Support of Startups
May 8, 2018
The country’s only Stock Exchange of Thailand (SET) has started a Blockchain service to allow for local startups to get extended access to investments.
The new service was presented on Friday, May 4. The blockchain platform was named LiVE and it uses distributed ledger technology for peer-to-peer trading which enhances availability of new investments for local startups including the capital of venture and institutional investors.
To date 8 companies from various industries have already joined the platform: medical equipment, mobile apps and consumer products. According to the statement, 50 companies are to line up with LiVE any time soon.
“'LiVE' platform will be a key mechanism to help drive forward Thailand's growth especially enabling 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”, Kesara Manchusree, President of SET, claimed.
Note that despite blockchain used by the only stock exchange, Thailand is dismissive of cryptocurrencies. In February the Bank of Thailand prohibited local banks serving operations with cryptocurrencies as they are used in shady economy.