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Swiss Banks To Get A New Crypto Portal For Their Clients

Swiss

The Swiss Stock Exchange (SIX) and its partners intend to introduce a new service that would enable Swiss banks to give their customers access to digital assets in the first quarter of 2021.

Custodigit, the joint venture formed by telco Swisscom and Sygnum, a digital asset bank to be officially recognized by Switzerland’s regulator, FINMA, in 2018, is creating an Institutional Digital Asset Gateway, which will be subject to the requisite regulatory approvals by authorities. SIX reported today that it has agreed to buy a majority stake in this young joint venture. There was no further information given about the contract.

“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 collaboration would also expand on Omniex’s recent SIX investment. 

According to SIX, from trading, to smart order routing, settlement, custody and access to secondary markets, the gateway can enhance the full investment value-chain.

It has the option to leverage Custodigit’s product either through a direct platform integration solution, or a controlled sub-custody setup as already given by Sygnum, depending on the strategic goals of a bank.

This is potentially one of the most important changes in the digital finance space right now, combined with our recent CBDC announcement with the Swiss National Bank and Bank for International Settlements. Custodigit is a working digital asset service provider, not just a concept to be realized. 

“Coupled with our recent CBDC announcement with the Swiss National Bank and Bank for International Settlements, 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.”

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SuperCryptoNews is a global leading blockchain and crypto news provider, covering daily news on the latest tech and trading developments in crypto. We bring you expansive crypto news coverage especially in Asia, with a focus on Singapore, Thailand and Southeast Asia.

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