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Greek Stock Exchange to Build on SUI Network: Price Impact

1 min
Updated by Ali M.
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In Brief

  • The Athens Exchange Group is testing its Electronic Book Building technology on Mysten Labs' SUI blockchain to improve transparency.
  • The SUI network provides the Athens' stock exchange with a method to issue digital certificates of securities with full traceability.
  • The partnership between ATHEX and SUI heralds a new future where blockchains can offer TradFi efficiency, security, and transparency.
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The Athens Exchange Group (ATHEX) is evaluating the deployment of its Electronic Book Building (EBB) feature onto the Sui blockchain. 

This initiative marks the first time blockchain technology has been integrated with traditional stock exchange mechanisms. Through a strategic partnership with Mysten Labs, the progenitors of Sui, the Greek ATHEX aims to disrupt the way stock exchanges operate worldwide.

ATHEX to Deploy Fund-Raising Tool on SUI

The EBB, a cornerstone of ATHEX’s fundraising arsenal, facilitates listing transferable securities for new and established companies. This functionality, layered at ATHEX’s existing trade order routing system, ensures liquidity for companies needing funding. 

These securities would be minted as digital certificates by transitioning to the Sui network. Therefore, boasting unparalleled security, transferability, and a transparent custody chain.

Sui’s network presents ATHEX with the robust performance necessary to cater to its clientele’s needs. Moreover, the decentralized nature of Sui, akin to the broader internet, provides resilience to outages. This redundancy is crucial, ensuring investors on the ATHEX platform remain unaffected by potential system failures.

Read more: Everything You Need to Know About the Sui Blockchain

However, amidst this announcement, the SUI token has seen a downtrend, slipping below $1.45. According to the Super Trend indicator, this shift to a bearish outlook puts the spotlight on the $1.60 resistance level. Failure to breach this threshold could see SUI revisiting lower levels, possibly down to $1.17.

SUI Price Performance
SUI Price Performance. Source: TradingView

Despite these market movements, the collaboration between the Greek stock exchange ATHEX and Sui represents a bold step forward in melding traditional financial markets with blockchain innovation. Indeed, it promises a future where stock exchanges operate with greater efficiency, security, and transparency.

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David Thomas
David Thomas graduated from the University of Kwa-Zulu Natal in Durban, South Africa, with an Honors degree in electronic engineering. He worked as an engineer for eight years, developing software for industrial processes at South African automation specialist Autotronix (Pty) Ltd., mining control systems for AngloGold Ashanti, and consumer products at Inhep Digital Security, a domestic security company wholly owned by Swedish conglomerate Assa Abloy. He has experience writing software in C,...
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