The Stock Exchange of Thailand (SET) will fund a national initiative by developing a Blockchian-based system.

In the statement, it is stated that SET has decided to support the local initiatives, which will be Blockchain-based, in the country by establishing a fundraising market.

The official announcement of this new service, named LIVE, indicates that the system will be Blockchain-based and will contribute to local initiatives Enterprises will have the chance to convince large investors and institutional firms on this issue.

It ıs announced by SET that eight companies already joined the system and  there are 50 other companies expected to join the system.

Kesera Manchusree, chairman of the SET, said in his statement:

“LiVE’ platform will be a key mechanism to help drive forward Thailand’s growth especially enabling startups and SMEs to have more financial accesses through crowdfunding. Businesses can utilize LiVE to promote to a wider target group while using [the] partnership to expand [our] customer base.”

 The first idea of ​​the product, which emerged after a year of technological research, came out in March of last year. SET explained that more than 600 companies are willing to participate in this market system based on Blockchain.

On the other hand, other traditional stock exchange companies are heading for Blockchain. Especially in Hong Kong, while the Hong Kong stock market continues to work on the topic, it is said that the Hong Kong stock market is also considering buying a blockchain-based system to create a stock market for small businesses.