The Swiss Stock Exchange (SIX) recently announced it will be launching a fully regulated cryptocurrency exchange later this year, offering investors a secure, government-approved method of trading in cryptocurrencies. The exchange is already fully licensed with all necessary regulators in Switzerland, including the Financial Market Supervisory Authority (FINMA) and Financial Market Infrastructure (FMI).
The development falls in line with Switzerland’s already crypto-friendly attitude and aims to attract fintech startups to the country. SIX has now finalized its decision to use R3’s Corda Enterprise blockchain technology to host the platform.
R3, a distributed ledger technology (DLT) company based in New York, leads a consortium of over 200 research and development firms to develop various forms of DLT, including blockchain. Its open-source Corda Enterprise blockchain-based platform has become increasingly popular in the finance industry since its creation in 2016. This is due in large part to its high-quality industry-standard set of tools. R3’s technology is used by a range of high-ranking financial institutions globally, including Barclays, BNP Paribas, Citi Group, UBS and Deutsche Bank, as well as various shipping and healthcare organizations.
SDX management team member Sven Roth spoke of the decision: “As a highly regulated and trusted financial market infrastructure provider, SIX must operate at the highest levels of security and stability,” he adds. “We felt Corda Enterprise was the best fit for the scale and breadth of service we envisage with SDX.”
Although the platform was initially planned to launch in mid-2019, it has been delayed due to regulatory issues that need to clarify with FINMA. SIX hopes to open trading with its own Security Token Offering (STO), giving investors an opportunity to obtain an early stake in the platform.