A new blockchain-powered component for start-ups has been launched by the national stock exchange of Thailand.
With the aim of widening the access of capital funds for domestic start-ups, a crowdfunding marketplace that is built on blockchain technology has been launched by The Stock Exchange of Thailand (SET).
The new service labeled LiVE, utilizes the blockchain technology to enable peer-to-peer trading in an attempt to help start-ups access new capital from investors, including those drawn from the venture capital and institutional investor worlds, as per the announcement made by the Stock Exchange of Thailand (SET), on Friday, May 5th.
According to SET officials, till date, a total of eight companies have joined the blockchain platform, with another 50 companies scheduled to take part in the initiative.
Kesara Manchusree, the President of SET said in the announcement.
“‘LiVE’ platform will prove to be a major element for assisting Thailand’s growth especially enabling start-ups and SMEs to have more financial accesses through crowdfunding. Businesses can utilize LiVE to promote to a wider target group while using [the] partnership to expand [our] customer base.”
This launch has been under the technological development process for nearly a year, before being introduced. As it was previously reported by several publications, that the SET began planning to build a crowdfunding platform for start-ups back in March 2017. Also, significantly, back then the SET claimed that more 600 companies had shown interest in joining the blockchain-powered marketplace.
Further stock exchanges all over the world have been in talks of using the blockchain technology as a mean to develop securities marketplace for small-scale businesses, for instance, The Hong Kong Stock Exchange.