A recently-formed organization named the Capital Markets and Technology Association (CMTA) has begun to operate with the intent to integrate blockchain technology into financial markets, as reports revealed on June 12.
The said organization was formed in Geneva by Swissquote, Temenos, and Lenz & Staehelin. Swissquote is a notable online banking platform, while Temenos is a market software provider; Lenz & Staehelin is arguably the alpine country’s biggest law firm. These organizations have agreed on the goal to create open standards as well as toolkits which can be used by different companies for raising capital through the application of new technologies and digitalization.
“The blockchain technology has the potential to reduce the complexity of the capital markets system and lower the barrier of entry for start-ups,” commented Jacques Iffland, chairman of the CMTA. “The current lack of legal certainty is slowing — and potentially compromising — its development in its field. By defining a set of industry-supported, open standards, the CMTA aims to facilitate access to funding for businesses, ultimately contributing to value creation throughout the economy.”
The said organization does not have members from the three aforementioned organizations; it has many representatives from different companies across varying industry sectors. The organization’s members were attracted to the call for the fact that they had specific interests on what blockchain can offer.