Switzerland is quickly becoming a central hub for cryptocurrency and blockchain technology. Switzerland is the home of the Crypto Valley (Zug) and of course, as a nation are very open towards the idea of cryptocurrency and blockchain technology. Many countries within Europe are trying to spearhead a cryptocurrency revolution, Switzerland is indeed one of them and is often considered as the nation that is truly leading the race.
According to Swissinfo, the Swiss Stock Exchange, a part of SIX group have established a plan to create a brand new cryptocurrency exchange, soon to be known as the SIX Digital Exchange. The exchange will allow for the exchange of tokenised products and securities but will not be open to the direct trade of cryptocurrencies.
According to Swissinfo, a spokesperson from SIX has said:
“The service will provide a safe environment for issuing and trading digital assets and will enable the tokenisation of existing securities and non-bankable assets to make previously untradeable assets tradeable.”
Moreover, the Head of Securities and Exchange at SIX, Thomas Zeeb has said:
“Do you adopt a model with many sub-custodians, including inefficient interfaces and with inherent risks, or do you go with a recognised and regulated infrastructure provider who provides all steps of the chain in an integrated and secure model? We believe that the latter has significant value.”
See more for yourself, here.
SIX have recently uploaded this video, which sees Zeeb discussing more of the intricacies involved in the establishment of this new exchange format.
It is important to note that SIX have around 130 banks and financial institutions as customers. For the first time ever, the SIX Digital Exchange will allow these customers to exchange tokens that would otherwise be previously untradeable. Overall, SIX are spearheading a new movement towards the trade of securities away from more traditional cryptocurrencies (if there is such a thing of course).
Switzerland really are nurturing a very positive culture towards cryptocurrencies and digital assets, this is but another example of their drive for momentum. Will Switzerland spearhead the crypto-revolution? Possibly so. Let’s wait and see.