Swiss exchange operator SIX took a decisive step towards trading digital assets, partnering with a Japanese firm for a trading facility in Singapore.
SIX and Japan's SBI are partnering to build a Singapore-based digital issuance platform, exchange, and central securities depository, or CSD, they said in a statement on Tuesday. The project aims to launch by 2022, subject to Monetary Authority of Singapore's approval.
The venture, based on the yet-to-launch SDX arm of SIX, intends to to drive liquidity of digital assets among institutional clientele, where demand is growing for including for cryptocurrencies. SIX and SBI said they will provide services like issuing, listing, trading, CSD infrastructure, and custody.
Bridge Europe-Asia
SDX head Tim Grant said the move will open up the trading channel between Europe and Asia. SBI operates the second-largest private trading venue in Japan, after Tokyo.
The partners said they are set to formalize Singapore operations next year. SIX on Monday unveiled a major stake in Switzerland's Custodigit, a digital asset storage firm.
