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Australian Securities Exchange (ASX) officially announced the use of blockchain technology to replace the existing post-transaction settlement system

Australian Securities Exchange (ASX) has announced that they will use the technology developed by Digital Asset Holdings, a blockchain startup, to replace their existing CHESS post-settlement system.

This highly anticipated decision represents an important milestone after creating a two-year proof of concept (PoC) and collaborating with potential users to test implementation, and ASX will be the first in the world to migrate a core service to a Blockchain system of the mainstream exchange.

ASX Managing Director and CEO Dominic Stevens said in a statement:

"We think replacing CHESS with Distributed ledger technology (DLT) will allow our customers to develop new services and reduce their costs, putting Australia at the forefront of financial market innovation, and while we have a lot of work to do, But today's announcement is a major milestone for us on this trip. "
This platform, developed by digital asset companies, enables the mutual assistance of financial market data and processes across multiple market participants through the use of distributed ledger technology. The platform also maintains confidentiality and scalability - both of which are critical to the market infrastructure.

ASX also announced that the company is also involved in the recently announced Series B round of financing by Digital Assets. As a result, digital asset companies have raised over $ 115 million so far.