📉 ASX sells stake in blockchain company for $57 million!
🟡 The Australian Securities Exchange (ASX) has officially sold its stake in Digital Asset Holdings for $57 million. This deal will be reflected in their reports for 2025 with a pre-tax profit of about $42 million.
💥 Interestingly, ASX acquired 8.5% of the shares back in 2016 to replace the outdated CHESS system with blockchain. However, in 2022, the project was canceled, leading to losses of $250 million!
⚖️ ASIC has already filed a lawsuit against ASX, accusing the exchange of misrepresenting the course of the project. Now, Tata Consulting Services will take over the replacement of CHESS.
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🔍 PJW analysis: ❗ Exchanges learn from mistakes. Even major players are not immune to failures. 🚨 Legal and regulatory risks can affect even the 'veterans' of the market. 💡 Notably, there is investor interest in the transparency and efficiency of blockchain projects.
