the staff of the Ridgewood blog
Tokyo Japan, SBI Holdings and the Sumitomo Mitsui Financial Group (SMFG) have partnered together to build the Osaka Digital Exchange (ODE), a blockchain-based stock exchange to compete against the Tokyo Stock Exchange. The exchange will allow investors to trade digital securities using blockchain technology. SBI and SMFG will set up the ODE in March. The exchange will start trading digital securities in 2023.
Meanwhile Turkish cryptocurrency exchange Thodex abruptly ceased operations on Wednesday. The exchange announced that it would be closed for five days as the company finalized an investment deal. Numerous local news outlets reported that Thodex’s CEO fled to Thailand with $2 billion worth of digital assets. Its 400,000 users have been unable to access their accounts. The CEO made a statement on Thursday saying that he plans to return to Turkey and that the losses of users will be compensated. Turkey banned the use of cryptocurrencies last week. Citizens can hold crypto, but can’t use it to make payments for goods or services.
Hmmm. Turkish cryptocurrency exchange you say? Sounds like a rock solid secure place to hide some stolen money. Look at the bright side though, a teachable moment was had by all.