KEY TAKEAWAYS
- The Nairobi Securities Exchange (NSE) joins the Hedera Council to advance its tokenization efforts using Hedera’s technology.
- This partnership aligns with the NSE’s strategic goal of enhancing market infrastructure and promoting digital asset innovation in Africa.
- As the 32nd member of the Hedera Council, the NSE will contribute to the governance and operation of the Hedera network.
- The NSE’s involvement underscores Kenya’s economic potential and the growing interest in digital assets across the region.
October 30th, Nairobi, Kenya — The Nairobi Securities Exchange (NSE), a prominent African exchange, has officially joined the Hedera Council to enhance its tokenization initiatives using the Hedera network. This move coincides with the NSE’s 70th anniversary, marking a significant milestone for Kenya’s principal securities exchange.
The NSE offers a world-class trading facility for both local and international investors, providing exposure to Africa’s economic growth. By joining the Hedera Council, the NSE aims to accelerate the launch of digital assets and tokenized securities on its platform, leveraging Hedera’s secure, transparent, and scalable technology.
The NSE’s admission to the Council makes it the 32nd member of the Hedera Council, a diverse group of globally recognized organizations that govern the decentralized Hedera network. As a Council member, the NSE will operate a node on the Hedera network and participate in the governance of Hedera’s software and services.
Strategic Priority and Market Impact
Frank Mwiti, CEO of the NSE, expressed enthusiasm about the partnership, stating that joining the Hedera Council aligns with the NSE’s strategic priority of offering a world-class market infrastructure. He emphasized the potential of tokenization to transform industries across Africa and highlighted the NSE’s commitment to driving this innovation through the Hedera network.
The NSE plays a crucial role in Kenya’s economic growth by promoting savings and investments while facilitating access to cost-effective capital for companies. In the first nine months of 2024, the NSE was ranked as the best-performing market in Africa by the Morgan Stanley Capital International (MSCI) ranking, reflecting investor confidence.
Hedera’s Perspective on the Partnership
Bill Miller, Co-Chair of the Membership Committee for Hedera, noted the NSE’s unparalleled expertise and connections within the African market. He highlighted Kenya’s position as one of Sub-Saharan Africa’s largest economies, presenting a significant opportunity for the adoption of digital assets and Hedera’s technology.
The NSE’s extensive reach, with a market capitalization of approximately $12.65 billion and daily transaction volumes exceeding $100 million, provides a strong foundation for Hedera to support global capital markets. The exchange lists 63 companies and securities across 11 sectors, further enhancing its influence in the region.
For more details, the official announcement can be found here.
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