Switzerland’s biggest stock exchange, SIX, has acquired a crypto service provider aimed at institutional investors and in particular banks.
Custodigit created by Swisscom, Switzerland’s leading telecoms & IT company, and Sygnum, the first digital asset bank to be formally recognized by Switzerland’s 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 bank’s strategic objectives, it has the option to leverage Custodigit’s 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 Japan’s 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 crypto infrastructure for institutional investors with a global angle as Thomas Zeeb, Executive Board Member at SIX, says:
“SBI Group is a natural partner for SIX given their strong position in Asia and their significant commitment to growing institutional digital asset markets. As the operator of financial market infrastructure in both Switzerland and Spain, SIX has significant experience in delivering trusted and secure capabilities to institutional capital markets and we look forward to bringing the best of SIX to our partnership with SBI in Asia, which we see as a strategically important region for growth.”
All of it suggesting the exchange is fully moving towards laying down the infrastructure for crypto services to institutional investors in a strategic manner.