Galaxy

Citadel

Read

BlackRock

BlackRock and Citadel Securities have invested in a group aiming to disrupt the U.S. stock exchange market.&nbsp; 
Texas Stock Exchange chairman and CEO James H. Lee boasts a warchest of $120 million from over 24 investors to potentially launch an exchange to rival NYSE and Nasdaq. Among the consortium of investors includes the world’s largest asset manager, BlackRock, and giant market maker Citadel Securities.&nbsp; 
<figure class="wp-block-image size-full is-resized">
 <picture loading="lazy" decoding="async" class="wp-image-14277790" style="width: 100%;height:auto"> 
 <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/06/Screenshot-476.png.webp"> 
 <img loading="lazy" decoding="async" width="830" height="892" src="https://crypto.news/app/uploads/2024/06/Screenshot-476.png" alt="BlackRock, Citadel Securities backing new TXSE: will blockchain play a role? - 22"> 
 </picture> 
 <figcaption class="wp-element-caption">
 TXSE announcemet | Source: <a href="https://www.linkedin.com/posts/jameshleetx_txse-group-inc-announces-plans-to-create-activity-7204051047252676608-NX18?utm_source=share&amp;utm_medium=member_desktop" target="_blank" rel="">LinkedIn</a>
 </figcaption>
</figure> 
<h2 class="wp-block-heading" id="are-blackrock-and-citadel-planning-a-blockchain-move-in-stock-markets">Are BlackRock and Citadel planning a blockchain move in stock markets?</h2> 
According to The Wall Street Journal, the TXSE envisions itself as a challenge to the hegemony maintained by traditional and perhaps outdated exchanges. The group also wants to address rising compliance fees and listing costs. 
While neither BlackRock nor Citadel has indicated a crypto-related strategy with the TXSE investment, blockchain technology may be a working solution to the agenda set forth by Lee’s group.&nbsp; 
Blockchain networks have been known to run energy-efficient models compared to the traditional financial sector. Naysayers and non-believers have scrutinized Bitcoin’s (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="">BTC</a>) proof-of-work (PoW) structure over the years as being energy-intensive, but the data disagrees. 
 You might also like: <a href="https://crypto.news/ripple-president-stablecoin-likely-this-year/" rel=""> Ripple president: Stablecoin likely this year </a> 
A 2021 Galaxy Digital report <a href="https://www.nasdaq.com/articles/research%3A-bitcoin-consumes-less-than-half-the-energy-of-the-banking-or-gold-industries" target="_blank" rel="">cited</a> by the Nasdaq said Bitcoin consumes less than 50% of the energy used by the banking systems.&nbsp;Considering that top altcoin blockchains like Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="">ETH</a>) and Solana (<a href="https://crypto.news/price/solana/" target="_blank" rel="">SOL</a>) employ a more energy-optimized structure with proof-of-stake (PoS), decentralized chains could operating costs for the TXSE.&nbsp; 
Introducing on-chain mechanics to the world’s largest capital market could also unlock 24/7 trading access and instant settlement. The stock market only runs for five days a week. Anyone around the world can buy BTC, ETH, or SOL whenever they want, provided the chain’s uptime remains uninterrupted.&nbsp; 
Bitcoin, in particular, has not <a href="https://calendar.bitbo.io/downtime/#:~:text=Key%20Takeaways,network%20has%20not%20gone%20down." target="_blank" rel="">experienced</a> downtime in over a decade, and Ethereum is arguably the most trusted blockchain for defi, with over $66 billion in total value locked per DefiLlama.&nbsp;<a href="https://crypto.news/?s=tokenization" target="_blank" rel="">Tokenization</a> of real-world assets like bonds and equities has also skyrocketed in recent years to a $9.4 billion market and growing, indicating that bringing stocks and other securities is possible. 
<figure class="wp-block-image size-large">
 <picture loading="lazy" decoding="async" class="wp-image-14277789"> 
 <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/06/Screenshot-475-1024x794.png.webp"> 
 <img loading="lazy" decoding="async" width="1024" height="794" src="https://crypto.news/app/uploads/2024/06/Screenshot-475-1024x794.png" alt="BlackRock, Citadel Securities backing new TXSE: will blockchain play a role? - 23"> 
 </picture> 
 <figcaption class="wp-element-caption">
 Tokenized real-world assets market cap | Source: CoinGecko
 </figcaption>
</figure> 
 Read more: <a href="https://crypto.news/tokenization-empowers-investors-and-disrupts-wall-street-opinion/" rel=""> Tokenization empowers investors and disrupts Wall Street | Opinion </a>

BlackRock, Citadel Securities backing new TXSE: will blockchain play a role?

Table of Contents

crypto.news

Other articles published on Jun 5, 2024

Memecoins on the Rise: Dogecoin and Book of Meme Lead the Charge

Can Floki Keep Course & Bag More, As Analysts Are Bullish?

Gwyneth Paltrow Is Invested in Ethereum, Apecoin: Here's How Much She Gained From Last Month's Rally

Apu Apustaja Memecoin Launches High-Visibility Billboard Campaign in New York City

With Crypto in Spotlight, Trump Finds New Friend in Musk

Moonbag Presale’s New Growth Dawn While Render & Dogeverse Are In Crisis

Join our free newsletter for daily crypto updates!