One of the world’s largest cryptocurrency exchanges, OKEx, will form a joint venture company with MSX, the digital and FinTech division of Malta Stock Exchange Holdings, to create a security-token trading platform under the name OKMSX.
OKEx[1] and MSX signed a Memorandum of Understanding[2] (MoU) on July 19 to establish a security token trading platform, OKMSX, in the spirit of Malta's "Blockchain Island" initiative. OKMSX plans to finalize a joint venture in the third quarter of 2018.
"We believe OKMSX will be a milestone in the economic development of Malta," said Tim Byun, OKEx's chief risk officer and head of government relations.
Indeed, this is one of only a few partnerships between institutional stock exchanges and cryptocurrency exchanges, though we may see more collaborations like this as the cryptocurrency markets gain further global acceptance.
Overstock's tZero has a yet unnamed partnership[3] with the Boston Stock Exchange, announced in May 2018, to launch a regulated security token exchange. This month, Switzerland's stock exchange operator, SIX, announced plans[4] to launch its own cryptocurrency exchange in the first half of 2019.
The three ventures may now have to compete to see which will gain regulatory approval, finalize plans, and win the bragging rights to be the first to go live.
Byun told ETHNews he thinks OKMSX will win the race with a targeted first quarter 2019 launch.
OKMSX hopes its "speed to market" will surpass the competition, aided by "a nimble player like the Malta Stock Exchange and a very entrepreneurial country like Malta," said Byun. "We'd also like to emphasize that this is just the first step for us and there's tremendous work to be done. We are extremely excited to be working with
