Main Swiss Stock Exchange to Launch Distributed Ledger-Based 'Digital Asset' Exchange

Switzerland's principal stock exchange SIX announced today, July 6, that it will open a "Fully-regulated" cryptocurrency exchange next year.

In an official press release, SIX confirmed it would use so-called distributed ledger technology - of which blockchain is one type - to build what they are dubbing a "Digital asset ecosystem," Six Digital Exchange to "Put banks at the heart of transactions in the digital space."

SIX already hosts local bank Vontobel's Bitcoin exchange-traded note, with further integration of digital assets widely expected prior to today's announcement.

"The financial industry now needs to bridge the gap between traditional financial services and digital communities."

SDX plans to become "a fully integrated trading, settlement and custody infrastructure for digital assets" which it claims will be the world's first to "Offer a fully integrated end to end trading, settlement and custody service" upon launch in mid-2019.The move has already caught the attention of the cryptocurrency industry, cryptocurrency pioneer and Blockstream CEO Adam Back referring to SDX as SIX's own "Bitcoin exchange."

This week also saw Europe's largest exchange-traded fund hoster, the Netherlands' Speed Trader, announce it was moving into the cryptocurrency arena, despite reservations from the country's financial regulator.