Sui Network Welcomes Athens Exchange as First National Exchange to Build on L1
Exciting developments are taking place on the Sui Network as it prepares to welcome the Athens Exchange (ATHEX), a renowned Greek stock trading firm, as the first national exchange to build on an L1 smart contract platform. The collaboration between Sui and ATHEX aims to upgrade ATHEX’s Electronic Book Building (EBB) service to a distributed ledger technology platform on Sui.
Transforming the Electronic Book Building Service
The EBB service is a fundraising feature offered by ATHEX that allows early-stage and mature companies to list transferable securities. By leveraging the EBB service, businesses can secure liquidity for their proposals and benefit from various advantages, including:
- Determination of the best offer price for transferable securities like stocks and bonds
- Increased transfer efficiency
- And more
Sui Network’s architecture, with its focus on speed, security, and developer-friendly experience, is set to revolutionize ATHEX’s EBB service. This partnership also highlights traditional finance firms’ increasing embrace of blockchain technology and their entry into Web3.0.
Mysten Labs’ Support for ATHEX
Mysten Labs’ Solution Engineering team, known for providing support to partners globally, will lend its expertise to ATHEX’s technologists. Yianos Kontopoulos, CEO of the Athens Exchange, expressed confidence in Sui’s team, stating that they have the right expertise to help ATHEX fully harness the potential of blockchain technology.
Traditional Finance Firms Embrace Blockchain Technology
The collaboration between Sui Network and ATHEX exemplifies the growing trend of traditional finance firms embracing blockchain and Web3.0. This trend is evident in the recent adoption of spot Bitcoin ETFs by institutional investors. Market leaders such as BlackRock, Fidelity, Grayscale, and Valkyrie have filed applications to offer their clients direct exposure to BTC through Spot Bitcoin ETFs.
The approval of these filings by the United States Securities and Exchange Commission (SEC) in January has opened the doors for institutional investors to enter the crypto market. The success of spot Bitcoin ETFs has further fueled institutional interest in cryptocurrencies.
Positive Impact on Sui Network
The partnership between Sui Network and ATHEX is expected to have a positive impact on SUI’s adoption and demand. ATHEX’s reputation in its jurisdiction will likely drive more adoption of the coin. Currently, SUI is trading at $1.43 with a 5.50% decrease in the last 24 hours.
Hot Take: Sui Network Sets the Stage for National Exchanges on L1
The collaboration between Sui Network and Athens Exchange marks an important milestone in the adoption of blockchain technology by traditional finance firms. By leveraging Sui’s smart contract platform, ATHEX aims to transform its EBB service and provide enhanced benefits to businesses seeking funding.
This partnership not only showcases the potential of blockchain technology but also highlights the increasing interest from national exchanges in building on Layer-1 platforms like Sui Network. As more national exchanges explore blockchain solutions, we can expect further innovation and advancements in the financial sector.
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