New ‘stack exchange’ launches in Australia’s biggest cities: Bloomberg
New York’s “stack exchange” will start up in some of the country’s biggest cityscapes in Australia, as the financial services giant attempts to expand its footprint in a country where it still struggles to build a sustainable financial services industry.
The “stack” is a social network where users can exchange money on a “floor” as well as in “bubbles,” which are virtual tokens that are used to fund companies.
The idea behind the “stack,” which Bloomberg calls a “new way to get money to your friends and family,” is that users will “make connections in real time and be able to buy products and services that are not available on the open market,” according to a press release from the company.
The exchange is currently set up in New York, San Francisco and Washington D.C. It has yet to launch in any other city.
The platform is a pilot project for Bloomberg to use in other cities, the company said.
Bloomberg is partnering with other financial institutions to use its platform, and will continue to expand it in other countries as the platform matures.
A “stack of bubbles” are the currency units that are created when someone sells something on the “bubble” market.
These currencies can be used to purchase products and even pay for travel, transportation, food and other essentials.
In the video, Bloomberg CEO Jeff Immelt talks about the platform, explaining that the company is creating a platform that will allow individuals to “be able to exchange value and make money.”
The platform has been in development for some time, and it was recently launched as part of a “stack swap” initiative by Bloomberg, Bloomberg Bancorp, Bank of America, Credit Suisse, HSBC and Citigroup.
The company said it will use “stack exchanges” to help build a new “business model” in Australia.
“Our stack exchange is a virtual currency, like bitcoin, that allows anyone to move their wealth on a virtual floor, like the virtual currency bitcoin, and the virtual goods and services they want to buy on the virtual floor,” Immelt said in the video.
“The more the world knows about it, the better.”
The “Stack Exchange” is not an official service in Australia yet, but the company told Bloomberg that it is working on it.
“We’ve got this really good group of people working on this, so we are going to open it up to all the world,” Immel said in his video.
The rollout of the platform in Australia began earlier this month, as Bloomberg’s head of global communications, David Waggoner, announced in a tweet that it will be launching in Sydney in February.
The service is now available in the city.