Swiss Exchange SIX to Launch its Digital Exchange in the 2nd Half of 2019
In the midst of the crypto winter there are several traditional trading firms working on their own blockchain powered trading platforms. One such firm is the Swiss Based SIX exchange that has announced that it plans on rolling out its initial services on the SIX Digital Exchangein the second half of 2019.
According to a report by Reuters, the new SIX Digital Exchange (SDX) will speed up trading and will initially run parallel to the existing SIX platform. Trading on the latter currently involves three steps that can span several days. By using blockchain technology two steps are eliminated from the process thus speeding up the completion of transactions to the tune of seconds.
Dr. Romeo Lacher, Chairman of the Board at SIX, told Reuters that a supervisory board will decide on the project around late summer this year. This is after ironing out legal and regulatory issues with FINMA (Swiss Financial Market Supervisory Authority). He shared the statements with Reuters on the sidelines of a Swiss Finance Institute conference.
Dr. Lacher also added that they intended to launch the exchange with their own Security Token Offering.
About the SIX Digital Exchange
Intentions to launch a digital trading platform were made public by SIX back in July last year. Using Distributed Ledger Technology (DLT), SDX will offer the world a fully integrated end-to-end trading, settlement and custody service for digital assets. The secure platform will also enable the tokenization of existing securities and non-bankable assets. This move will make previously untradeable assets more accessible to investors and traders.
SIX made headlines back in mid November by launching the crypto industry’s first exchange-traded product (ETP). Issued by Amun AG with the ticker of ‘HODL’ the ETP was the first crypto index listed on a regulated stock exchange. As of today, February 7th, the index tracks the 5 digital assets of Bitcoin (BTC), Ethereum (ETH), XRP, Bitcoin Cash (BCH) and Litecoin (LTC).
What are your thoughts on SIX launching its Digital Exchange in the second half of this year? Are we moving away from ICOs and entering the era of STOs? Please let us know in the comment section below.
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.