Swiss Stock Exchange Launches Distributed Ledger-Based ‘Digital Asset’ Exchange

Nishanth Shetty

July 7, 2018 3:51 pm

Cryptocurrency News

Swiss Stock Exchange Launches Distributed Ledger-Based ‘Digital Asset’... | Coindelite News
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According to Switzerland’s principal stock exchange’s announcement, the exchange announced it is developing a blockchain-based platform for traditional tokenizing securities.

The announcement says the exchange would develop a new initiative which would be named as SIX Digital Exchange (SDX) on a distributed ledger using its technical expertise in operating a large-scale financial infrastructure.

The exchange further explained SDX would have the “same standard of oversight and regulation” upon conclusion and will be managed by Swiss financial regulators.

A representative from SIX, a company which owns Swiss Exchange said the development process would be divided into multiple phases with an initial plan for debut next year.

The company told:

“The first step is to build up a regulated exchange platform. In a second phase, we will offer the service to tokenize existing bankable assets which will be followed by the tokenization of non-bankable assets. Following an agile approach to meet the needs of today’s dynamic environment, the first services will be rolled out in mid-2019.”

Nevertheless, the exchange wrote that the purpose of the platform is not for trading cryptocurrencies but slightly a marketplace where traditional investors can digitize their assets using the technology.

Jos Dijsselhof, chief executive of SIX, said in the announcement:

“This is the beginning of a new era for capital markets infrastructures. For us, it is abundantly clear that much of what is going on in the digital space is here to stay and will define the future of our industry. The financial industry now needs to bridge the gap between traditional financial services and digital communities.”

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