Layer 1s • October 28, 2020, 7:25AM EDT
UPDATED: October 28, 2020, 7:32AM EDT

ASX further delays launch of its blockchain settlement system — now targets 2023

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The Australian Securities Exchange (ASX) has once again delayed the rollout of its blockchain settlement system — now targets the 2023 launch. 

ASX said the decision comes "after extensive industry consultation and a comprehensive project review" to increase its scope. ASX started the blockchain project in 2016.

In June of this year, ASX was targeting the 2022 launch, but after feedback from industry, technology partners, and regulatory agencies, ASX has now pushed back the go-live date to April 2023.

"The industry ... requested substantially more post-trade processing capacity than what had been contemplated pre-COVID-19," said ASX. "This is in response to the extreme increases in trading volumes on the ASX platform during the most volatile period of the pandemic in March 2020."

ASX has been in the process of replacing its 25-year-old Clearing House Electronic Subregister System (CHESS) with a blockchain-based system that can reduce friction, latency, risk, and cost. Its technology partner for the initiative is blockchain startup Digital Asset.