SCOPE CREEP ASX's quest to replace its platform that facilitates trades -- known as CHESS, for Clearing House Electronic Subregister System -- began under then-CEO Elmer Funke Kupper in 2015, when there was global fascination with cryptocurrency and blockchain. After New York startup Digital Asset Holdings showed ASX executives a test transaction on its blockchain software, ASX in early 2016 signed the little-known company to begin exploratory work on an overhaul. ASX bought a 5% stake in Digital Asset. Two months later Funke Kupper quit over bribery allegations relating to a previous role; he was cleared. ASX pressed on with the rebuild, and raised its holding in Digital Asset to 8.5%.