In Brief:
- SBI Digital Assets Holding teamed up with SIX Digital Exchange for a new joint crypto venture.
- This venture will provide functions including issuing, trading, and storing digital assets for institutional clients.
- The operation will begin in 2021, and official services will start by 2022.
SBI Digital Assets Holdings has agreed to establish a joint crypto venture company with SIX Digital Exchange (SDX). This new crypto venture will provide the functions of issuing, trading, and storing digital assets for Singapore-based institutional investors.
The newly formed joint venture intends to meet institutional investors’ demands for digital assets such as crypto assets and digital securities. The crypto venture also aims to bring together the technological capabilities of both SBI Digital Assets Holdings and SDX in Singapore.
This joint venture also focuses to expand the liquidity of digital assets and expand services for institutional investors. The services offered are not only limited to the storage and transfer of digital assets. It provides comprehensive functions for issuing, storing, trading, and listing services that meet legal standards.
The operations will begin this year in Singapore, with the official initiation of services and other procedures scheduled for 2022. The implementation of this new project will be followed by regulatory approval, in this case – it is the Monetary Authority of Singapore that acts as the city-state’s primary financial regulator.
Yoshitaka Kitao, CEO of SBI Group and Chairman of SBI Digital Assets Holdings, said the new joint venture is an important step toward establishing the worldwide infrastructure required for widespread institutional adoption of digital assets.
Kitao also revealed the company’s future plans saying with SDX’s strength in Switzerland and our digital exchange in Osaka, this venture can establish a robust institutional corridor between Asia and Europe.
According to SDX chairman Thomas Zeeb, SBI Group is a “natural partner” to the Swiss company as it has a stronghold in Asia and its dedication towards emerging institutional digital asset markets. Zeeb also added that SDX has significant experience in delivering trusted and secure capabilities to institutional capital markets. Partnership with SBI is strategically important as Asia is a prime region for growth.
In September, the Swiss stock exchange SIX launched a long-awaited digital bourse. Also, the exchange said recently that it would continue to invest in developing its technology over the coming months. With this joint venture, it has already begun to execute ‘the plan’!
