Top Swiss exchange SIX wants to get involved in the crypto market
SIX, the number one stock exchange in Switzerland, is working on its own cryptocurrency asset and accompanying exchange.
Adapting to the future
Speaking to Finews is Thomas Zeeb, an executive at SIX and says that the platform will launch by 2020:
“This year, we’ll deliver a pilot in late summer and first services will be live in early 2020. We will start with so called native digital applications – launching new tokens and an initial digital offering (IDO) service.”
These new tokens will help out companies looking to start digitizing real estate and other industries. Of course, those with the intent of launching need to have a solid base in place. “As an infrastructure, we want to ensure we set the standard and that existing rules around asset safety and investor protection are maintained,” says Zeeb.
Once built, SIX plans to “tokenize existing securities”. These consist of but are not limited to funds, equities, and more. On top of this, the group thinks it could be possible for tokens to take the place of shares. However, it needs to “be able to freeze and segregate shares in one place” for this to happen.
A non-traditional approach
However, one should note that the SIX digital exchange (SDX) will not trade cryptocurrencies. People looking to buy Bitcoin can never be sure where they’re acquiring from. Who knows if the assets are involved in a money-laundering scheme or something else. Because of this, SDX doesn’t want to take part.
As of now, the platform is working with Corda to build its technology. During this time, it will expand its staff from 70 to 100 members and are investing a “double-digit million amount” to bring the platform to life:
“The final price tag depends on numerous factors, including the regulatory requirements, new client use cases, how long we have to sustain SDX half-ready to go in the box, and when profitability kicks in”.
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