Switzerland Stock Exchange which is operated by SIX reveals plans to create a new “ecosystem-like” cryptocurrency exchange platform which will oversee trading, custody and settlements. The new enterprise will be called SIX Digital Exchange (SDX) and is to be based on a distributed ledger technology. During the presentation of the project, SIX Head of Securities & Exchanges, Thomas Zeeb, mentioned that this platform is technologically not so different from other exchange and custodial service providers. However, SIX will bring their experience, know-how and a set of services never offered together before to SDX, setting it apart from the rest of the exchanges.
“Most familiar way to say it, its an app universe of clients and other providers, providing services around this ecosystem”- Zeeb said.
Talking of the launch date, Zeeb explained that there are two variables affecting the timeline. First one is the need to prepare a fully ready product that would not be tested on users and have operational problems impeding its work. The second one is to make sure that all the services will be covered by regulators. Zeeb mentioned that the company is expecting SDX to be ready in the first half of 2019.
Worth noting that SIX is governed by Swiss Authorities, FINMA and the Swiss National Bank as a member of Financial Market Infrastructure (FMI). The company wants to make sure that SDX will be governed by the same regulations. If the plan succeeds, having such an experienced player entering the crypto trade will further solidify country’s image of a cryptocurrency friendly state.
By Nadya Astam