Athens, Greece – Athens Exchange Group, or ATHEX, today announced its collaboration with Mysten Labs to explore the upgrade of its Electronic Book Building (EBB) to a distributed ledger technology platform using Sui, a Layer 1 smart contract platform developed by the core research team behind Facebook’s Libra/Diem and Move projects.
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The EBB, a new fundraising mechanism from ATHEX, functions as a meta-layer over the existing trading order routing system. The aim is to leverage the network of ATHEX members, including banks and brokerage firms, to provide liquidity to companies seeking funds.
The EBB facilitates smooth order gathering, efficient pricing, distribution and settlement, and provides benefits such as determining the best offer price for transferable securities such as shares and bonds.
Yianos Kontopoulos, CEO of ATHEX Group, expressed his excitement about the partnership, saying: “We are excited to work with Mysten Labs to create the next iteration of our EBB service – from their highly experienced team to Sui’s capabilities ourselves, we believe we have found the right team to help us realize the true potential of blockchain technology.”
“Partnering with a globally recognized financial institution like ATHEX is a momentous step forward not only for the Sui blockchain, but also for Web3 itself.”
Evan Cheng, co-founder and CEO of Mysten Labs
“Financial instruments have long been touted as a use case for blockchain technology, but we have yet to see real-world adoption. We are honored to work with the ATHEX team and look forward to realizing the promise of blockchain among traditional investors.” added Evan Cheng.
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About ATHEX EBB
ATHEX Electronic Book Building (EBB) is a revolutionary fundraising mechanism from ATHEX, which streamlines the fundraising process and enables companies to seamlessly connect with potential investors. By leveraging the extensive network of ATHEX members, including banks and brokerage firms, together with their clients, EBB improves liquidity for companies seeking funds and ensures smooth order collection, efficient pricing, distribution and settlement.
Over the past five years, EBB has enabled the raising of more than €10 billion in corporate bonds, initial public offerings and secondary market placements with significant oversubscriptions.
About Sui
Sui is a groundbreaking Layer 1 blockchain and smart contract platform designed to make digital asset ownership fast, private, secure and accessible to everyone. The object-centric model, based on the Move programming language, enables parallel execution, sub-second finality, and rich on-chain assets.
With horizontally scalable processing and storage, Sui supports a wide range of applications with unparalleled speed at a low cost. Sui represents a significant advancement in blockchain technology, providing a platform for creators and developers to build great, easy-to-use experiences.
More information: Sui website
About Mysten Labs
Mysten Labs consists of leading experts in distributed systems, programming languages and cryptography, with founders who were senior executives and lead architects of groundbreaking blockchain projects. Mysten Labs’ mission is to create a foundational infrastructure for web3, driving innovation in decentralized technologies.
More information: Mysten Labs website