Swiss banks will now be able to offer its customers services related to digital assets as a new digital asset gateway is being launched by the Swiss stock exchange SIX. As per an announcement made on Monday, the firm said that it will roll out an Institutional Digital Asset Gateway by the next year.
Reportedly, its cryptocurrency arm known as SIX Digital Exchange has inked a partnership deal with the institutional-grade cryptocurrency custody company Custodigit. This Swiss crypto custody company was founded in the year 2018 by Sygnum and Swisscom. They are collaborating with each other to launch this new joint venture called Institutional Digital Asset Gateway. The main focus of this joint venture is on Swiss banks. Using this digital asset gateway, they aim to provide banks with complete access to digital assets while enabling them to offer services to their clients.
As per the announcement, the suite of services provided by the joint Institutional Digital Asset Gateway includes cryptocurrency trading, settlement, custody for digital currencies, and smart order routing. The service of secure storage of assets will be provided to banks and their customers with the assistance of Custodigit.
First services are expected to be launched in the beginning quarter of the year 2021 by these companies said the SIX Stock Exchange in the announcement. Though the new joint venture digital asset gateway is yet to go live, it is already available on the official website of the SIX exchange. SIX exchange further said that the companies plan to add more capabilities by the next year as well.
While commenting on this joint venture, the Head of the fintech at Swisscom Johannes Höhener said in a statement, “By combining the strengths of Switzerland’s leading financial infrastructure providers, we are enabling banks – in Switzerland and beyond – to quickly enter a new financial services era.”
On the other hand, the Chairman of SIX Digital Exchange Thomas Zeeb considers this institutional crypto gateway a crucial move into the space of cryptocurrencies.
Prior to this, SIX listed Exchange Traded Products (ETPs) of Bitcoin (BTC), Ether (ETH), XRP, and Tezos (XTZ) in order to step into the world of digital assets.