Athens Exchange to Launch First On-Chain Order Book on Sui
Athens Exchange Group partners with Mysten Labs to create the first fully on-chain order book for stock exchanges, leveraging Sui blockchain’s privacy and speed.
Real-world finance meets next-gen blockchain. Greece’s national stock exchange, @ATHEX_Group — is going onchain with Sui.@Mysten_Labs and ATHEX are building a ZK-powered fundraising platform that enhances privacy and speed in traditional capital markets. pic.twitter.com/sFo3dutB4V
— Sui (@SuiNetwork) April 16, 2025
In a bold move to modernize traditional finance, Greece’s national stock exchange, Athens Exchange Group (ATHEX), has completed the technical design for a groundbreaking digital fundraising platform powered by blockchain. This initiative, announced on April 16, 2025, is the result of a strategic collaboration with Mysten Labs, the core contributor to the Sui Blockchain, marking a significant leap toward the convergence of traditional finance (TradFi) and decentralized finance (DeFi).
The new platform will bring ATHEX’s Electronic Book Building (EBB) process on-chain, offering a more secure, transparent, and efficient way to manage capital raising in public offerings. Through this collaboration, ATHEX aims to modernize and streamline the way investor interest is gathered, introducing a fully on-chain order book—a first for a national stock exchange. The integration of zero-knowledge (ZK) proofs ensures that sensitive bid details remain private while maintaining regulatory compliance and data integrity. This is a game-changing development, as it offers the best of both worlds—privacy and transparency.
The decision to build on Sui was strategic. Sui’s unique architecture supports parallel transaction processing, low latency, and high throughput, making it an ideal foundation for a system that requires high performance and scalability, such as a national exchange. Furthermore, zero-knowledge proofs on Sui enable ATHEX to balance privacy with compliance in a way that traditional systems simply cannot. This partnership sets the stage for an innovative approach to capital markets, showcasing how blockchain technology can transform financial infrastructure.
The proof of concept (PoC) for this on-chain order book is currently in development. Once finalized, this platform could revolutionize the way equity offerings are conducted—not just in Greece, but potentially on a global scale. As Dr. Kostas Kryptos Chalkios, Chief Cryptographer and Co-Founder of Mysten Labs, stated, "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, setting a new benchmark for the industry."
In the words of Nikos Porfyris, Chief Operating Officer of ATHEX, "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." The goal, he adds, is to improve compliance, data quality, and overall efficiency for all market participants, offering an easier and more secure way to raise capital.
The collaboration between ATHEX and Mysten Labs is a clear indication that blockchain is no longer just a buzzword but a tangible force driving change in capital markets. The success of this platform could not only serve as a blueprint for future tokenized assets and programmable finance but also bring about real-time settlement and tokenized equity offerings. If successful, this project could become a model for the financial industry, proving that traditional financial institutions can leverage decentralized technologies for enhanced performance and compliance.
As blockchain continues to evolve, the fusion of TradFi and DeFi will become more seamless. ATHEX’s pioneering steps into blockchain with Mysten Labs show that the future of capital markets is already on-chain, offering a new era of fundraising and order book management that could change the way we think about finance.
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