Texas Stock Exchange chairman and CEO, James H. Lee, has secured a warchest of $120 million from over 24 investors, including BlackRock, the world’s largest asset manager, and Citadel Securities, a giant market maker. The funding is intended for potentially launching an exchange to rival the NYSE and Nasdaq. The consortium of investors envisions the new TXSE as a challenge to the hegemony maintained by traditional exchanges, aiming to address rising compliance fees and listing costs. While BlackRock and Citadel have not indicated a crypto-related strategy with their investment, blockchain technology may play a key role in addressing the group’s agenda.
Blockchain networks are known for their energy-efficient models and could potentially enable 24/7 trading access and instant settlement, compared to the traditional stock market’s limited operating hours. This move could open up global access to assets like BTC, ETH, and SOL, provided the blockchain’s uptime remains uninterrupted. In summary, James H. Lee’s group, with backing from BlackRock and Citadel Securities, is pursuing the launch of a potential rival to traditional exchanges, with a focus on reducing costs and potentially leveraging blockchain technology to revolutionize the world’s largest capital market.