Swiss Stock Exchange Acquires Bitcoin Platform, Partners to Expand to Asia

Wednesday 09 December 2020, 3:00 AM AEST - 2 months ago

SIX stock exchange

Switzerlands biggest stock exchange, SIX, has acquired a crypto service provider aimed at institutional investors and in particular banks.

Custodigit created by Swisscom, Switzerlands leading telecoms & IT company, and Sygnum, the first digital asset bank to be formally recognized by Switzerlands regulator, FINMA, has now sold a major stake for an undisclosed sum to SIX Digital Exchange.

This partnership gives banks – and their customers – trusted, safe, secure, compliant yet seamless access to crypto-currencies and digital assets. Depending on a banks strategic objectives, it has the option to leverage Custodigits offering either through a direct platform integration solution, or a managed sub-custody setup as already provided by Sygnum, they say in a statement.

So creating a four way working relationship for an enterprise level platform with Tim Grant, Head of SIX Digital Exchange, stating:

Swisscom is a powerhouse and trusted infrastructure provider and Sygnum Bank has emerged a global leader in the regulated digital asset banking space.

Adding the significant experience and advances that SIX has developed through SIX Digital Exchange and building on the great work achieved by Custodigit to date, will allow this partnership to deliver a truly differentiated institutional offering to banks and their customers in Switzerland and around the world.

The Swiss stock exchange has also announced a joint venture with Japans SBI to drive institutional digital asset liquidity through a Singapore-based digital issuance platform, exchange and CSD venue that is set to go-live by 2022 subject to regulatory approvals from the Monetary Authority of Singapore.

Interestingly this venture aims more towards what can be called tokenized bonds or stock offerings, with SIX stating:

As cryptocurrency transaction volumes grow with continued adoption by institutional money, regulated digital securities markets have been growing behind the scenes.

This includes newly introduced assets into the market that are defined by on-ledger tokenized securities such as digital bonds, digital equities and digital securitized loans… This new shift in market dynamics aims to be the focus of the proposed Singapore-based venture.

The stock exchange therefore is clearly building a wholistic ...

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