Athens Exchange Group and Mysten Labs Build Next-Gen IPO Blockchain on Sui

Athens Exchange Group (ATHEX) and Mysten Labs, the team behind the Sui blockchain, have finalized the design blueprint for a blockchain-powered upgrade of the Electronic Book Building (EBB) platform, a core tool for IPO processes. The collaboration promises a leap forward in optimizing transparency, operational efficiency, and trust in public offerings.

On March 6, 2024, ATHEX and Mysten Labs joined forces to launch the world’s first blockchain-based platform designed specifically for capital markets. Since then, they’ve laid the groundwork by crafting:

• comprehensive technical frameworks,
• foundational business agreements,
• and a development roadmap for the reimagined EBB system.

The mission: bring capital raising into the decentralized era. The goal is to move the entire application and allocation workflow to blockchain infrastructure—without losing compliance with strict European finance regulations. The existing EBB system still works, but its centralized design caps its growth and makes it prone to data leaks.

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The platform’s standout feature will be its implementation of Zero-Knowledge Proof (ZKP) protocols. These allow users to submit encrypted applications, ensuring their financial data remains confidential, while the system retains auditability and public verifiability—an essential condition for compliance with international regulatory frameworks.

Even as the technical blueprint nears completion, developers have begun building a working prototype—the Proof of Concept—that will test the system’s capacity to manage order traffic at scale. Its success could lay the foundation for the first blockchain-powered order book designed for live market conditions.

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 onchain order book, setting a new benchmark for the industry,

Dr. Kostas Kryptos Chalkias, Chief Cryptographer and Co-Founder of Mysten Labs expressed.

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Reinventing the Stock Exchange

If the build hits its benchmarks, Athens Exchange Group will begin migrating core workflows—like order handling and clearing—onto the blockchain, step by step. It’s a vision of the stock exchange redesigned for the decentralized age.

It opens up new possibilities, including:

• turning private placements fully digital,
• making access easier for issuers and investors,
• and building confidence through tamper-proof data records.

If this model scales, blockchain could become the backbone of capital markets worldwide. Expect tighter spreads, faster digital asset onboarding, and a serious reputation upgrade for ATHEX in the fintech arena. Most importantly, investors get what they crave most: bulletproof security and true transactional privacy.

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