Welcome to Bloomberg Crypto, our twice-weekly look at Bitcoin, blockchain and more. If someone forwarded this to you, sign up here. In today’s edition, Anna Irrera checks in on the blockchain journey of Australia’s main securities exchange:
When blockchain made its entrance on Wall Street circa 2015, crypto’s underlying technology was touted by proponents as the cure for all market structure evils. In the not-too-distant future blockchain would make securities settlement near-instant, cheaper and almost infallible. Intermediaries and their pesky fees would become obsolete and investment banks were told they could save up to $12 billion a year in IT infrastructure costs.