Greece’s Athens Exchange Group (ATHEX) is embracing blockchain technology to modernize its fundraising processes. On April 16, 2025, the Sui Foundation announced that ATHEX had finalized the technical design for a new digital fundraising platform, which will run on the Sui blockchain.
This initiative is part of ATHEX’s broader effort to transform traditional capital markets by integrating blockchain tools, specifically zero-knowledge (ZK) technology. The goal is to create a more efficient, secure, and private platform for capital raising activities. The platform will replace the existing Electronic Book Building (EBB) system, a key method used to gather investor interest for new offerings, by moving the process entirely on-chain.
The new platform will leverage Sui’s blockchain and smart contracts to enhance both security and automation. Notably, this marks the first time a national stock exchange will operate a fully on-chain order book—a digital ledger of buy and sell offers stored on the blockchain. This shift promises increased transparency and security for investors. However, the platform will also incorporate ZK technology to ensure that bid details remain private while still complying with regulatory requirements.
Nikos Porfyris, Chief Operating Officer of ATHEX, expressed enthusiasm about the project, stating, “We are excited to take this important step toward leveraging cutting-edge blockchain and cryptographic technology to create an enhanced capital raising product based on EBB.” He highlighted that the system’s design will improve both compliance and data quality, making the process smoother for all participants.
The collaboration between ATHEX and Mysten Labs, first announced in March 2024, has already yielded a proof of concept (PoC), a test version of the platform that demonstrates the feasibility of the full system. Dr. Kostas Kryptos Chalkios, Chief Cryptographer and Co-Founder of Mysten Labs, emphasized the significance of privacy-preserving technologies, noting, “The focus on privacy-preserving mechanisms, combined with Sui’s unparalleled speed and security, will enable us to build a state-of-the-art PoC that can evolve into a full-fledged on-chain order book.”
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