Blame game rages over ASX’s failed CHESS system blockchain upgrade
Digital Asset blames the ASX for not providing it with crucial information while the ASX says these claims are misleading. Digital Asset — the New York firm responsible for Australian Securities Exchange’s now-abandoned blockchain -based clearing system — has blamed the securities exchange for dropping its blockchain plans. Meanwhile, representatives of the ASX have clapped back in statements to Cointelegraph, calling the claims misleading. For the last seven years, the ASX was poised to be the world’s first securities exchange to adopt blockchain technology, which would be in partnership with the New York-based firm. However, in a u-turn, ASX announced on May 17 that it would be abandoning the upgrade and likely look at more conventional tech. According to a recent report from The Australian, Eric Saraniecki, the co-founder of Digital Asset told the attendees of a June 8 parliamentary joint committee on corporations and finance that there were two main reasons why the blockchain...