SIX to build digital asset trading, settlement and custody service

Irving Hamilton
July 6, 2018

A Swiss flag is pictured on the Swiss Federal Palace (Bundeshaus) in Bern, Switzerland May 30, 2018.

However, the exchange noted that the goal of the platform is not for trading cryptocurrencies but rather a marketplace where traditional investors can digitize their assets using the technology.

Dubbed the SIX Digital Exchange (SDX), the blockchain-powered platform will facilitate the tokenization of clients' existing securities as well as enable the issuance and trading of digital assets.

The new SIX Digital Exchange will be overseen by the Swiss national bank and Swiss regulator FINMA, the company said.

SIX announced the launch of the service on Friday in an effort to keep up with an increasing amount of businesses targeting the large sums of institutional money looking to enter the cryptocurrency scene.

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"This is the beginning of a new era for capital markets infrastructures", Jos Dijsselhof, the CEO of SIX said in a statement. Coinbase's service for institutional investors, Coinbase Custody, launched earlier this week on July 2nd.

SDX plans to become "a fully integrated trading, settlement and custody infrastructure for digital assets" which it claims will be the world's first to "offer a fully integrated end to end trading, settlement and custody service" upon launch in mid-2019. SIX is in a unique position in that it runs the entire securities and payments value chain for Switzerland already, and is ideally positioned to create the digital ecosystem for the future, allowing existing and new market participants to develop their business models for the opportunities available in this new environment. These include the absence of regulation that ensures official safety, security, stability, transparency and accountability - all of which contribute to a lack of trust.

Competition has increased for institutional gateways into cryptocurrency recently.

"The first step is to build up a regulated exchange platform". Itai Avneri, Invest.com's spokesman, said in a statement: "Our goal is to become the most reputable platform in the European Union and later in numerous countries across the globe".

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