Swiss Stock Exchange Invests in Institutional Investing Platform for Digital Assets

Switzerland’s leading inventory trade has invested in an institutional investing system, with plans to use it as a “gateway” into the digital asset place.

6 Swiss Exchange announced Tuesday it has shaped a partnership with San Francisco-dependent institutional resolution Omniex to provide 6 and its subsidiary, Swiss Digital Exchange (SDX), with obtain to cryptocurrency markets.

Thomas Zeeb, 6 head of securities and exchanges, as perfectly as a member of the government board, stated there was a “rising will need” for platforms like 6 to have obtain to cryptocurrencies. The tie-up with Omniex will provide the inventory trade with a “standardized and secure gateway” in the emerging digital asset market, he said.

“With SDX as the digital trade infrastructure in progress, the collaboration with Omniex to deliver the front end for purchasers, both of those for present crypto currencies, as perfectly as in foreseeable future for SDX-shown belongings, is an crucial addition to the digital ecosystem,” Zeeb said in a statement.

As component of the agreement, 6 has also agreed to come to be a shareholder in Omniex for an undisclosed sum.

With a market cap of extra than 1 trillion Swiss francs (just over $1 trillion) in January 2020, 6 is Switzerland’s principal inventory trade. It has shown a collection of trade-traded goods (ETPs) that provide publicity to cryptocurrencies in a common and controlled tracker product or service.

6 introduced SDX in 2019 to provide a reliable cryptocurrency investing system for both of those institutional and retail traders, but has since narrowed this down to just its specialist purchasers. Though initially slated for the summer time of 2019, a spate of departures at the government level means the SDX launch date has been pushed back to the end of 2020.

Launched by former State Road executives, Omniex lifted $5 million in a seed round in 2017. The company supplies exchanges with the technologies to assure greatest-execution and minimum slippage when investing cryptocurrencies.

“Together with 6 we intention to provide an end-to-end resolution for the investing and settlement of digital belongings, like the 6 Digital Exchange (SDX), at the time operationally live,” said Omniex CEO and co-founder Hu Liang. “It will however acquire some time, but the cornerstones are in location to speed up the broader adoption of natively digitalized belongings.”

Disclosure Read Extra

The leader in blockchain information, CoinDesk is a media outlet that strives for the greatest journalistic standards and abides by a strict set of editorial guidelines. CoinDesk is an independent working subsidiary of Digital Currency Team, which invests in cryptocurrencies and blockchain startups.