SIX Digital Exchange and SBI Digital Asset Holdings want to jointly set up an issuing and trading platform for digital assets in Singapore.
The SIX Swiss Exchange and SBI Digital Asset Holdings want to create the leading liquidity hub for digital assets in Singapore through a joint venture, according to SIX in a press release on December 8th. The day before the SIX already had a stake in the founded by Swisscom and Sygnum joint venture Custodigit announced .
Big crypto liquidity boost planned
The still-to-be-founded joint venture in Singapore is scheduled to start in 2022, subject to approval by the local financial watchdog. In addition to an exchange and issuing platform for digital assets, a separate depository for tokens is also to be created.
The trading center, described by SIX as the “most important liquidity hub for institutional digital assets in Singapore” in the future, is intended to realize synergy effects and is primarily aimed at professional players. SIX writes about the plans:
“The joint venture will sell directly to regulated institutional clients using technologies from both companies to provide services such as issuing, listing, trading, CSD infrastructure and custody of digital assets and cryptocurrencies. It will benefit from the extensive network of SIX Digital Exchange in Switzerland and Europe and the network of SBI in Asia and will have access to the expertise of both companies in meeting the needs of institutional clients. “
The Singapore project would also benefit from the previously announced participation in Custodit, which is intended to create an “institutional gateway for digital assets”. Here, too, SIX is primarily focusing on institutional investors:
“The gateway will support the entire asset value chain, from trading and smart order routing to settlement and custody to access to secondary markets. This partnership provides banks and their customers with reliable, secure, compliant and seamless access to cryptocurrencies and digital assets. “
Subject to the respective regulatory approvals, the project is to be launched in the first quarter of 2021 and offer “an initial joint service” by the partners. In the further course of the year, the capacities are then to be “significantly expanded”.
Next step after Omniex participation
The partnership between SIX and Custodigit builds on the investment made in February in the San Francisco-based developer for crypto trading platforms Omniex. The cooperation gives customers of the Swiss stock exchange regulated access to crypto exchanges and OTC markets.