Swiss Stock Exchange to List Bitcoin on Its Digital Exchange
Key Takeaways:
- Bitcoin to be Included in SIX Digital Exchange
- The Platform is Expected to Launch by this Summer
Switzerland’s Stock Exchange Goes Bitcoin
Switzerland’s stock exchange SIX is preparing to launch its digital exchange platform this summer. According to a report published in a Swiss online magazine called Finews, Switzerland’s stock exchange will release its SIX Digital Exchange (SDX) in the next few months. The digital exchange will also feature bitcoin as an asset that could be traded in the market.
SIX is Switzerland’s principal and most popular stock exchange. Based in Zurich, it is Europe’s third-biggest stock exchange and it offers to trade in stocks, derivatives, Swiss government bonds, and other securities.
The SIX Digital Exchange will offer solely digital assets, bitcoin included. The difference between this crypto-asset exchange and others will be that the SDX will be regulated by the Swiss authorities and liquidity will be provided by SIX and partners. It aims to become the world’s first regulated digital exchange that will host crypto assets for investors, banks, companies, and entrepreneurs.
The leading cryptocurrency, bitcoin, will also make its way to the platform and enjoy the liquidity provided by SIX. The SDX, a SIX company, will function in an “ecosystem of partners and SIX investments”. Some of the partners that will guarantee liquidity include the Daura consortium and SBI Digital Asset Holdings, both involved in cryptocurrency projects and investments.
Finews’ report mentions that the launch of the SDX should have happened earlier, but due to delays because of the coronavirus, the launch has been postponed for early summer 2021. The project is also still looking for institutional shareholders.
SDX is set to bridge the gap between traditional financial services and digital communities. It is said to offer trading, settlement, and custody service for digital assets in a safe environment. If completed and launched as expected, the platform will be another stepping stone for bitcoin as it will serve as another point of access to the world’s largest cryptocurrency. Slowly but surely, bitcoin has been making its way into traditional finance and the move by SDX confirms the broader markets are growing more open towards bitcoin ownership and trading.