- The Swiss Stock Exchange (SIX) is to launch an institutional “digital asset gateway”
- The platform will allow institutions to securely buy, sell, and store cryptocurrencies
- SIX has been a heavily pro-crypto organisation for years
The Swiss Stock Exchange (SIX) is to launch a “digital asset gateway” next year that will allow banks and their customers the opportunity to access cryptocurrencies and other digital assets. Reuters reports that SIX has teamed up with Swisscom and digital bank Sygnum to launch the platform, which will also see the stock exchange own a slice of institutional custody operator Custodogit.
SIX Continues Crypto-friendly Outlook
SIX has been a highly pro-crypto organisation, opening up a range of crypto offers in the past two years alone. In July 2018 SIX announced plans to launch a cryptocurrency trading platform which they did in association with the Swiss National Bank just before Christmas last year.
In between this time they launched the Amun Crypto ETP, the first of its kind in the world, which was followed up with an XRP ETF in April last year. This latest offer will see the cryptocurrency platform opened up to institutional clients, a pattern that is growing across the world.
Institutional Crypto Usage on the Rise
The cryptocurrency purchased by SIX clients will be stored by Custodigit, which was founded in 2018 by telecoms company Swisscom and digital asset bank Sygnum. SIX will take a stake in Custodigit, with all three working together to develop an institutional-grade custody solution.
The announcement by SIX comes just a day after BBVA, Spain’s second largest bank, announced that it was preparing a cryptocurrency platform where its European customers could buy, store, and sell tokens. Developments such as these, which are due to customer demand, are an illustration of just how in-demand secure cryptocurrency solutions are by both individuals and institutions.
