The Greek stock exchange has announced plans to introduce a new tool called the electronic book building (EBB) on the Sui blockchain ecosystem. In a recent blog post, Sui revealed that the EBB will be developed in collaboration between the Athens Exchange Group (ATHEX) and Mysten Labs, the original contributor to the Sui ecosystem.
ATHEX’s EBB will serve as a fundraising platform for both early-stage and mature companies, allowing them to list transferable securities. These securities will be hosted on the Sui blockchain and will be minted as digital certificates, offering strong security and transferability with a transparent chain of custody.
While blockchain technology is seen as a natural fit for stock market-related mechanisms, the deployment of the EBB on Sui will be one of the first to utilize the technology in this way. The EBB will be implemented as a blockchain-based “meta-layer” over ATHEX’s existing trading order routing system, providing liquidity for companies seeking fundraising opportunities.
The collaboration between ATHEX and Sui is still in the evaluation phase and will depend on the performance of the technology and ATHEX’s decision to adopt blockchain for its new tool.
The Sui Network is a layer-1 blockchain ecosystem that launched its mainnet in May 2023, with a focus on digital asset ownership. In an effort to simplify Web3 logins for users on Sui-powered apps, the network introduced a zkLogin feature, allowing users to log in using their Google, Facebook, and Twitch credentials.
Since its launch, Sui has gained a reputation for its ability to handle high transaction volumes while maintaining low fees. In February 2024, the Sui Foundation partnered with the American University of Sharjah in the United Arab Emirates to launch a Blockchain Academy, aiming to educate students on the usability of blockchain technology for creating applications and platforms.
Overall, the introduction of the EBB on the Sui blockchain ecosystem represents an innovative step for the Greek stock exchange, showcasing the potential of blockchain technology in the stock market industry.