The Swiss Stock Exchange (SIX) and its partners aim to launch a new service that would enable Swiss banks to offer access to digital assets for their customers in the first quarter of 2021.
The Institutional Digital Asset Gateway, which is still subject to the appropriate regulatory approvals, is being developed by Custodigit, the joint venture created by telco Swisscom and Sygnum, a digital asset bank to be formally recognized by Switzerland’s regulator, FINMA, in 2018. Today, SIX said it agreed to acquire a majority stake in this young joint venture. No further details about the deal were provided.
“The Institutional Digital Asset Gateway will enable banks to develop new financial services and yet to be imagined products around cryptocurrencies and digital assets for their customers,” the exchange said, adding that this partnership will also build upon the recent SIX investment in Omniex.
According to SIX, the gateway will support the complete investment value-chain from trading, to smart order routing, to settlement, to custody as well as access to secondary markets.
Depending on a bank’s strategic objectives, it has the option to leverage Custodigit’s offering either through a direct platform integration solution, or a managed sub-custody setup as already provided by Sygnum.
“Coupled with our recent CBDC announcement with the SNB and BIS, this is potentially one of the most significant shifts in the digital finance space right now. Custodigit is a functioning operator for digital asset servicing – not just an idea to be realized,” Thomas Zeeb, Chairman of SIX Digital Exchange and Member Executive Board of SIX, was quoted as saying in the press release.