The Athens Exchange Group (ATHEX), Greece’s national stock exchange, is embracing blockchain technology with the launch of a new digital fundraising platform powered by the Sui blockchain. Announced on April 16, 2025, this innovative platform aims to modernize traditional capital markets by leveraging zero-knowledge (ZK) technology to enhance fundraising efficiency, speed, and privacy.
The platform is designed to streamline the Electronic Book Building (EBB) process, a method used to gauge investor interest in new offerings. By moving this process on-chain, the platform offers a more secure and automated way of managing investor bids, taking advantage of Sui’s blockchain and smart contract capabilities.
This initiative marks the first time a national stock exchange will implement a fully on-chain order book—a digital ledger of buy and sell offers stored on the blockchain. The integration of ZK technology ensures that while bids remain private, they still comply with regulatory rules and are verifiable as legitimate.
Nikos Porfyris, COO of Athens Exchange Group, emphasized the importance of this milestone, stating, “We are excited to leverage cutting-edge blockchain and cryptographic technology to enhance capital raising products based on EBB.” He noted that the platform aims to improve compliance, data quality, and system efficiency for all participants.
The partnership between Mysten Labs and ATHEX, first announced in March 2024, has led to the development of a proof of concept (PoC), which serves as a test version of the platform. Dr. Kostas Kryptos Chalkios, Chief Cryptographer and Co-Founder of Mysten Labs, highlighted the importance of privacy-preserving mechanisms combined with Sui’s speed and security, stating that these features would allow the PoC to evolve into a fully functional on-chain order book.
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