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The Swiss SIX and SBI announce a joint crypto venture



The project will build a corridor between Europe and Asia: SBI Holdings CEO

Japanese major bank SBI Holdings wholly-owned subsidiary SBI Digital Asset Holdings announced early this morning that it is working with the Swiss digital exchange SIX (SDX) on a joint crypto venture in Singapore.

The partnership aims to create a reliable regional liquidity hub for institutions via a crypto-issuing company. The company will offer a variety of services including issuing, trading and storing digital assets for investors, the press release said.

SDX's experience in operating trading and settlement agency services for digital assets in Europe, combined with its reputation as a member of SIX Group, is expected to be critical to the success of the partnership.

It will enable the crypto company not only to manage digital assets, but also to perform the tokenization of existing securities and other assets, including digital bonds, digital stocks, and digital securitized loans.

Yoshitaka Kitao, CEO of SBI Holdings, stated that the partnership is an important step in building the necessary global infrastructure for a broad institutional rollout of digital assets:

"Together with the strength of SDX in Switzerland and our planned digital exchange in Osaka, this project will create a strong institutional corridor between Europe and Asia."

The company aims to meet the growing demand for investing in digital assets as a mechanism for diversifying institutional portfolios in the Asia-Pacific region. It is expected to target its services to regulated institutes in the region, the press release said:

"The newly established joint venture aims to directly meet the demand of institutional investors for digital assets such as digital stocks and crypto-assets and brings together the technologies and know-how of the company and SDX in Singapore."

The project is awaiting approval from the Monetary Authority of Singapore (MAS) and is expected to formalize operations by the end of 2021. The joint venture will offer its services in early 2022.

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