Broken chains: how DLT code switch compounded ASX fail
Sources say that vendors will suffer the most in the fallout from ASX’s “paused” blockchain settlement project.
November was a bad month for blockchain, even in Australia.
Days after FTX imploded in the US, consultancy Accenture delivered its review of an attempt by ASX to replace the Chess equity settlement system with one based on blockchain provided by Digital Asset. The verdict was damning enough for the project to be “paused” to “revisit the design solution” and DA’s software “derecognized” at a cost of around A$250 million (US$168.3 million).
And Accenture didn’t even get the full story, according
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