In a move that has been termed “a new era for capital markets,” it has emerged that the Swiss stock exchange is launching its own cryptocurrency exchange.
SIX, the company that owns and operates the Swiss stock exchange has announced plans to launch a fully-regulated cryptocurrency exchange, despite a slump in crypto prices since the beginning of this year.
The beginning of a new era
CEO Jos Dijsselhof commented that “this is the beginning of a new era for capital markets infrastructures.”
“For us, it is abundantly clear that much of what is going on in the digital space is here to stay and will define the future of our industry.”
It has long been believed that custody is a key barrier for venture capitalists and institutional investors who have been looking to get involved in cryptocurrencies, and Thomas Zeeb, head of securities and exchanges at SIX, believes that this move may help to alleviate those concerns –
“The digital space currently faces a number of key challenges. These include the absence of regulation that ensures official safety, security, stability, transparency, and accountability – all of which contribute to a lack of trust.”
He believes that SIX would solve this issue through its role as “a recognized and regulated infrastructure provider who provides all steps of the chain in an integrated and secure model.”
Driving mainstream recognition and interest
The initial reaction of the crypto community has been largely positive, with co-founder and head of UX & Design at blockchain-powered Qiibee, Gianluca Giancola commenting –
“The launch of a cryptocurrency exchange by the Swiss bourse this year will help to drive mainstream recognition and interest, making trading with cryptocurrencies much more secure.
“This development highlights the conviction of Swiss leaders that cryptocurrencies are here to stay, and I believe that this will further boost Switzerland’s position as a crypto nation. The bourse’s crypto exchange will act as a catalyst to bring more transparency and security to the blockchain industry in Switzerland and shows institutional interest where regulation of the market is concerned.
“Digital currency systems make transactions more cost and time efficient, especially with regards to cross-border activities, and has the potential to attract outside investors and revolutionize the existing capital market infrastructure. The digitization of existing financial processes will also help optimize these processes. I believe that crypto has the ability to improve every point of contact in the chain and will continue to disrupt the current global monetary system.”
Growing levels of confidence
Shane Brett, co-founder, and CEO of Gecko Governance is also welcoming the move by SIX –
“This step displays the growing level of confidence which entities such as the Swiss stock exchange and FINMA are placing in the growing blockchain sector, and the increasing understanding of how regulation, transparency, and trust influence perception and uptake of the technology. Switzerland has shown itself to be a hub for blockchain companies, and this announcement further bolsters that reputation.
“The launch of a fully regulated crypto exchange further highlights Switzerland’s forward-thinking approach to digital assets and cryptocurrencies. Such dynamism and willingness by institutional actors to engage with this emerging economy will hugely benefit the global blockchain ecosystem, particularly once other nations take similar actions.”
The new platform, which is due to launch in the first half of 2019, will offer end to end trading, settlement, and custody service for digital assets.
Lover of all things crypto, blockchain and AI, professional tech scribe & part of the editorial team at Crypto Disrupt.