The Swiss SIX exchange and SBI Japanese financial Giant are teaming up for a new crypto-related platform in order to establish a new connection between Europe and Asia by launching a crypto venture in Singapore. The crypto latest news today shows us some more details about it.
The digital asset arms of the Swiss SIX exchange and SBI will now target regulated institutional clients that will use technology and knowledge from both companies in their new joint venture. According to an official announcement, the digital asset-related companies will cooperate to establish a new project and will target regulated institutional clients that are using technology and market expertise from both SIX and SBI.
Thanks to the new venture, they will receive institutional-grade services like trading, listing and issuing, CSD infrastructure, and custody of digital assets and crypto-assets. The joint venture will launch the new platform in Singapore.
Expectations for the platform will be launched by 2022 and will have to get regulatory approval by the Monetary Authority of Singapore which acts as the primary financial regulator of the country.
Yoshitaka Kitao, the SBI Group CEO and chairman of SBI Digital Asset Holdings says that the mutual joint venture is quite important for a new step towards building the much-needed global infrastructure for widespread institutional adoption of digital assets, as Kitao noted:
“Together with SDX‘s strength in Switzerland and our planned digital exchange in Osaka, this venture will establish a powerful institutional corridor between Europe and Asia.”
According to SIX Digital Exchange chairman Thomas Zeeb, SBI is a “natural partner” to the Swiss company as it had the mind in their strong position in Asia and their dedication to the growing institutional digital asset markets as Zeeb added:
“As the operator of a financial market infrastructure in both Switzerland and Spain, SIX has significant experience in delivering trusted and secure capabilities to institutional capital markets, and we look forward to bringing the best of SIX to our partnership with SBI in Asia, which we see as a strategically important region for growth.”
SBI’s latest undertaking to the crypto-related project is far from the first as the Japanese financial giant made a huge step into the digital asset environment. As per the reports, the company launched a new crypto lending service for BTC back in November with more promises to make lending BTC services available with ETH and XRP following soon.
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