Greece’s national stock exchange, Athens Exchange Group (ATHEX), is going all-in on blockchain.
On April 16, 2025, the Sui Foundation announced that ATHEX had completed the technical design for a brand-new digital fundraising platform.
The platform, which will run on the Sui blockchain, is powered by zero-knowledge (ZK) technology and is part of a larger push to modernize traditional capital markets.
This partnership aims to launch a system that will make fundraising smoother, faster, and more private for everyone involved. The stock exchange will use blockchain tools to move the current Electronic Book Building (EBB) process on-chain.
The EBB is a key method used to collect investor interest in new offerings. By using Sui’s blockchain and smart contracts, the upgraded platform brings more security and automation to the process.
Sui noted this is the first time a national stock exchange will run a fully on-chain order book. An on-chain order book is a digital list of buy and sell offers stored on a blockchain, offering more openness and safety. The new platform is being built to meet strict rules but still let bids remain private. That’s where the ZK tech comes in—it hides details of bids but still proves they are real and follow the rules.
Nikos Porfyris, Chief Operating Officer of Athens Exchange Group, said, “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 added that the goal is to improve compliance and data quality while helping the system work more smoothly for everyone involved.
Mysten Labs and Athens Exchange Group first announced their partnership in March 2024. Since then, both teams have been working on a proof of concept, or PoC, which acts as a test version of the final product.
Dr. Kostas Kryptos Chalkios, Chief Cryptographer and Co-Founder of Mysten Labs, said, “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.”
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