Korean Fintechs Are Creating a Blockchain for Trading OTC Securities

korea won e1503925199930 860x430

A blockchain platform for the trading of unlisted securities is being developed in South Korea, according to a report in the Chosun Ilbo.The goal is to take transactions that are now expensive, slow and insecure and make them efficient and accessible to a wider range of investors. Six local participants are involved in the project, including Koscom—the IT arm of Korea Exchange—KEB Hana Bank, Hana Financial Investment, Daejeon Technopark, Amicus Lex—a startup—and an association for accelerators. They are aiming to have the system in place by the second half of the year.The trading of shares in smaller companies is said to be a “blind spot” in Korea, as the costs associated with the securities value chain can be prohibitive for companies not yet large enough for the Kospi main board, the Kosdaq secondary board or the Korea New Exchange (Konex). To date, unlisted shares have changed hands in an OTC…

Read the original article here