Victor Ugochukwu · Dec 14, 2020 . 5min read
SIX Digital Exchange collaborate with SBI Digital Asset Holdings
Leading stock exchange, SIX Swiss Exchange collaborates with SBI Holdings to develop a digital assets exchange in Singapore.
By Komal Joshi · Dec 11, 2020 . 5min read
SIX Digital Exchange (SDX), the tokenization arm of Swiss financial services firm SIX Group, has announced a collaboration with Japan’s SBI Digital Asset Holdings. The collaboration will develop a digital assets exchange in Singapore. The announcement for the digital assets exchange was made at the Singapore Fintech Festival on Dec. 8.
The project intends to launch by 2022. However, the release is subject to the approval of Singapore’s Monetary Authority. The joint venture within the two is set to target the increasing demand for private and public institutional digital assets. It also includes regulated digital asset securities and cryptocurrency assets. The project will be capable of leveraging the comprehensive network of SIX Digital Exchange in Switzerland and Europe, simultaneously with SBI’s stronghold of Asia.
SBI Holdings and SIX Group to serve Digital Asset Marketplace collectively
The project intends to involve the complete lifecycle of listing, issuance, trading, on-chain central securities depositary (CSD), and custody and utilize technologies from both companies. Distinctly, SDX utilizes R3’s Corda, and SBI is the most comprehensive external investor in R3. SBI has funded in Ripple and a partner for certain projects that has experience in gauging the market. Moreover, the SIX Digital Exchange is a member of the SIX Group, which managed the primary Swiss stock market. Both of them can serve the requirement of the expanding digital asset marketplace by coming together.
Further, SIX and SBI have been prominently included in digital asset markets globally. SBI is operating its own crypto business via its subsidiary SBI VC Trade. Recently, SBI’s foreign exchange and derivatives arm SBI Liquidity Market also took over TaoTao, a crypto exchange in which Yahoo Japan’s YJFX once had a 40% share.
Earlier, Ripple invested in MoneyTap, a subsidiary of SBI Holdings. The cooperation is popular to fund the MoneyTap app. It employs Ripple’s blockchain technology to process cross-border payments swiftly and cost-efficiently. Furthermore, SDX unveiled intentions to provide banks complete access to digital assets via a collaboration with Custodigit, a Swiss custody firm, on December 7.
Follow Cryptodose for more updates.