In an announcement made via the company’s website, SIX, the organization that handles Switzerland’s stock exchange, revealed that it was in the process of developing a crypto-exchange platform that would take care of aspects such as trading, settlement, and custody in a completely legal and streamlined manner.
It is rumored that this new entity will be referred to as SDX (SIX Digital Exchange) and will follow all of the security protocols that are currently being employed by Switzerland’s mainstream stock exchange.
Upon further investigation of SDXs features, one can see that it will be the first market infrastructure that offers customers things like:
Fully integrated end to end trading
Custody service for digital assets.
Issuing and trading of cryptocurrencies
Tokenization of existing securities.
Speaking in relation to this latest development, CEO of SIX, Thomas Zeeb said:
“This is the beginning of a new era for capital markets infrastructures. For us, it is abundantly clear that much of what is going on in the digital space is here to stay and will define the future of our industry. The financial industry now needs to bridge the gap between traditional financial services and digital communities. This is the role that we at SIX can play.”
Additionally, Zeeb also let it be known that his company’s goal was to now “bridge the gap that exists between traditional markets and digital currencies” because he firmly believes that cryptocurrencies are not going anywhere anytime soon.
As far as a launch date is concerned, it is expected that SDX will be released for commercial use sometime in 2019.
At the time of writing this article, SIX operates as a major player in the European financial market, especially within the domain of securities and payment transactions.
With a workforce that boasts of 4,000 odd employees, this latest move by SIX can only be seen as a positive step forward for the crypto industry as a whole.
Please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. CryptoMode is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.