According to a recent announcement, the Swiss firms’ digital asset-related subsidiaries, SIX Digital Exchange and SBI Digital Asset Holdings, are launching a new crypto-related platform in Singapore. The venture will target regulated institutional clients, implementing technologies, and market expertise from both SBI and SIX. The joint platform will include a wide range of services like issuing, listing, trading, CSD infrastructure, and custody of digital assets and cryptocurrencies, as well as regulated digital asset securities.
The platform is expected to launch by 2022.
The platform is expected to launch by 2022, subject to the Monetary Authority of Singapore’s regulatory approval, the city-state’s main financial regulator, and de facto central bank. The CEO of SBI Group and chairman of SBI Digital Asset Holdings, Yoshitaka Kitao, said that the new venture is expected to “establish a powerful institutional corridor between Europe and Asia.” “This is an important step in building the necessary global infrastructure for widespread institutional adoption of digital assets,” the CEO added. SX Digital Exchange chairman Thomas Zeeb said, “SBI Group is a natural partner for SIX given their strong position in Asia and their commitment to growing institutional digital asset markets.”
SIX and SBI have been actively involved in the crypto market.
The Swiss-based SIX and SBI have been actively involved in digital asset markets globally. The Japanese financial giant SBI is running its own crypto business through its dedicated subsidiary SBI VC Trade. Last month, SBI’s foreign exchange and derivatives arm SBI Liquidity Market also acquired TaoTao, a crypto exchange in which Yahoo Japan’s YJFX once had a 40% share. The Japanese financial giant is a major partner of Ripple, implementing financial products based on XRP, one of the biggest cryptocurrencies by market capitalization at publishing time.