Switzerland's stock exchange operator is investing in a joint crypto storage venture. SIX plans to use a gateway for institutional clients as soon as next quarter.
The Swiss stock exchange SIX is taking a major stake in Custodigit, a venture between Swisscom and Sygnum for storing digital assets, it said in a statement on Monday. Neither terms of the transaction nor financial details or the stake's size were disclosed.
The plan is to build a bridge for institutional investors to invest in cryptocurrencies and other digital assets via Custodigit and the SIX's own digital exchange, SDX, it said. The so-called gateway is to be released next quarter, with the SDX planning to add more capabilities later next year.
Product Offering?
It isn't clear what SIX's involvement will mean for Custodigit's product offering. SIX also plans to build the partnership on its investment earlier this year in Omniex, an American-based digital asset trading platform.
The exchange has grappled with management changes as well as regulatory uncertainty in its development. Because of Custodigit's backing by Sygnum, third party banks can access the storage services either through a sub-custody set-up by the crypto bank or directly though an integrated platform.
