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The stock exchange operator SIX wants to become a crypto exchange. From mid-2019, the Swiss stock exchange is planning a platform for digital assets under the name "SIX Digital Exchange". SIX intends to facilitate the issue, trading, settlement and safekeeping of digital assets using blockchain technology. The blockchain is based on cryptocurrences like Bitcoin.
As SIX has announced, existing titles and crypto assets must be integrated into the blockchain and exchanged. The group is striving to put in place new "digital ecosystem" standards comparable to current regulations.
Lively Swiss crypto trade
Capital raising by the Initial Coin Offeringings (ICO) has been booming for some time. According to the consulting firm PwC, companies have already generated more than 13.7 billion dollars of capital via ICO worldwide since the beginning of 2018, against 456 million dollars in Switzerland (see article here).
SIX CEO Jos Dijsselhof sounded already In an interview with Finanz und Wirtschaft in March, he says his company wants to focus more on cryptographic services. In recent weeks, two trading platforms for crypto assets in Switzerland have already announced their start. One is the Swiss Crypto Exchange (SCX), chaired by Christian Katz, former head of the Swiss stock exchange. The other one calls Taurus and is based in Geneva.
The two projects are by no means the first to use cryptocurrencies in Switzerland. Until now, the company has been owned mainly by brokers such as Bitcoin Switzerland. The company of the Swiss cryptopressionnaire Niklas Nikolajsen, with a monthly trading volume of about 300 million francs, is probably converting most crypto-currencies in Switzerland. Bitcoin Switzerland also supports ICO. There are also actors such as Bity, Shape Shift or Crypto Broker
A powerful competitor
It will be interesting to see how the Swiss crypto market will expand between players existing and new ones. Brokers such as Bitcoin Switzerland have experience in trading and issuing cryptocurrencies. You have appropriate licenses, but take the position of intermediary between the real user and the market. Trading platforms such as SCX connect users directly without going through a broker, but are not purses or licenses as such.
With the SIX, the elephant comes into play. It is the first established and regulated exchange in the world, which has now announced at least the opening of the cryptosphere. Thanks to its size, its network of contacts and its know-how, the Group can – as it wishes – offer everything from a single source: the issue, the trading, liquidation and custody of cryptographic assets. The previous player can become a powerful competitor.
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