Announced plans to launch a fully regulated digital cryptocurrency exchange.
The firm says it plans to launch “the first market infrastructure in the world” which will “offer a fully integrated end-to-end trading” while providing a safe environment where digital assets can be issued and existing securities and non-bankable assets can be tokenized.
Zeeb said the strength of SIX makes the SDX unique, as it will control the entire “value chain from trading through to payments” in Switzerland. The new exchange, which will create an “ecosystem” when it launches, will also help companies raise capital through ICOs.
SIX’s decision to launch a cryptocurrency exchange comes despite a collapse in the value of cryptocurrencies and declining volumes since the start of the year. Bitcoin, the largest cryptocurrency asset by market value, collapsed from around $20,000 per token at the start of the year to just over $6,600 on Thursday.
Notes Jos Dijsselhof, CEO at SIX:
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”
Investors and entrepreneurs in the space say that institutional investors are preparing the infrastructure needed to enter the space, setting up trading accounts and custody solution behind closed doors. One described the flurry of activity they are seeing as “preparing for September” to BI – referring to a month typically associated with high post-summer trading volumes in the investment world.
The SDX will be regulated by the Swiss Financial Market Supervisory Authority (FINMA) and the Swiss National Bank.