Stock Exchange SIX Aims to List Bitcoin on SDX, Crypto Trading Platform to Launch This Summer

On March 17, a report detailed that the digital exchange being developed by Switzerland’s principal stock exchange SIX is preparing to launch by the summer of 2021. The exchange called SIX Digital Exchange (SDX) reportedly will also offer bitcoin, alongside the possibility of non-fungible token (NFT) assets like tokenized works of art.

SIX to Launch SDX by the Summer, Bitcoin to be Listed on the SIX Digital Exchange

The exchange SIX based in Zurich is Switzerland’s most popular stock exchange that allows people to trade stock options, derivatives, Swiss government bonds, and other types of securities. Not only has SIX offered exchange-traded products focused on digital currencies like bitcoin (BTC) and ethereum (ETH), the stock exchange is launching a crypto asset exchange called SIX Digital Exchange (SDX) in the near future.

A report written by Finews author Samuel Gerber notes in a recently published report that SDX is planning to launch soon and in addition to securitized crypto assets, the leading cryptocurrency bitcoin (BTC) will also be listed.

Gerber says that SDX is “relying on an ecosystem of partners and SIX investments.” One partnership Gerber mentioned was SDX’s collaboration with the Daura consortium, a project that aims to launch Swiss cryptocurrency shares.

The well known bank that also deals with cryptocurrencies, Sygnum, is also a member of the Daura consortium. During the first week of December 2020, SDX also announced partnering with SBI Digital Asset Holdings. The joint venture between SDX and SBI aims to build a regional liquidity hub for institutional digital assets in Singapore.

Tokenized Works of Art and Traditional Banks Getting Into Cryptocurrencies

Gerber’s report says that SDX’s launch has been delayed because of the coronavirus and also a search for external sponsors. SDX was supposed to launch during the last quarter of 2020, but it is still looking for additional shareholders in addition to the partners and Swiss banks who have already collaborated with SIX. Additionally, the Finews report highlights that SDX may also list non-fungible token (NFT) assets like blockchain collectibles and tokenized works of art.

Eric Schmalzbauer, Head of U.S. Clients and Product Management at SDX thinks a lot of innovative blockchain products and crypto-related announcements will continue to happen in 2021. Schmalzbauer said that he thinks the biggest announcements this year so far, stemmed from the likes of Microstrategy and Tesla purchasing bitcoin (BTC). The SDX executive believes that big banks will follow along with these large corporations soon.

The recent interview with Schmalzbauer follows the announcement from the bank Morgan Stanley, which is making three bitcoin funds available to clientele. “I believe that traditional banks, especially the bigger banks, will get involved in the later future, as they are highly regulated, and the crypto space is not mature enough yet,” Schmalzbauer detailed during his interview.

“Many people may question the viability of crypto or bitcoin as a safe haven asset,” Schmalzbauer insisted. “Still, I think that over time, cryptocurrencies will help to facilitate the management of cash operations and balance sheets,” he added.