The cryptocurrency market is worth over $1 trillion, but it would be pale compared to the Australian securities market.
ASX’s blockchain will be larger than the entire crypto market
Dominic Stevens, the head of the Australian Securities Exchange (ASX), has claimed that his distributed ledger (DLT) settlement system would be larger than the entire cryptocurrency market.
The crypto market is currently valued above $1.3 trillion. However, Stevens said his blockchain system would handle more funds than the entire crypto market. He said, “We are moving two to three trillion dollars of securities onto this system, and that is larger than the whole global crypto world is sitting on the blockchain.”
Stevens said this earlier today while speaking at the Macquarie Technology Summit. According to the ASX boss, their strategy around handling data will focus on the ecosystem interacting with itself instead of the usual and popular method of customer-facing task. “We want to make that a more collaborative ecosystem of data,” he added.
The ASX blockchain is designed to replace the outdated Clearing House Electronic Subregister System, or CHESS. According to the ASX, the DLT Settlement System will speed up clearing and settlement to reduce counterparty risk.
Crypto market cap down by 50% from all-time high
The $1.3 trillion current cryptocurrency market cap is 50% down from its all-time high. The total crypto market cap reached a peak of $2.6 trillion on May 14 this year. This came at a time when Bitcoin, Ether and several other cryptocurrencies all touched new all-time highs.
However, the market has been in a bearish trend since then, with the total market cap now below $1.4 trillion.