SBI Holdings has already established itself as a major player in the world of cryptocurrency teaming up with Ripple. Now, the banking giant has announced through its subsidiary SBI Digital Asset Holdings a joint venture with Switzerland-based SIX Digital Exchange.
The announcement noted that the joint venture was aimed at driving institutional digital asset liquidity through a Singapore-baed digital issuance platform, exchange, and CDS venue. It is supposed to go live by 2022 and is subject to regulatory approvals from the Monetary Authority of Singapore.
The joint venture between the two is set to target the growing demand for public and private institutional digital assets, and included the regulated digital asset securities and cryptocurrency assets. The announcement further noted:
“The venture will market directly to regulated institutional clients , utilizing technologies from both companies to provide institutional grade services including issuing, listing, trading, CSD infrastructure and custody of digital assets and cryptocurrencies.”
The project will be able to leverage the extensive network of SIX Digital Exchange in Switzerland and Europe, along with SBI’s tight grasp of Asia. SBI has invested in Ripple and a partner for certain projects has experience in gauging the market, and SIX Digital Exchange is a part of the SIX Group which operated the primary Swiss stock market. The two combined could serve the need of a booming digital asset marketplace.
Tim Grant, head of the SIX Digital Exchange noted:
“This important partnership with SBI Digital Asset Holdings … builds on our Zurich-based exchange and CSD and will allow us to provide services into the Asian market as well as open up the trading channel between Europe and APAC.”
Whereas, the CEO of SBI Holdings IC, Chairman & Director, SBI Digital Asset Holdings Co., Ltd. Yoshitaka Kitao noted that the venture will establish a powerful institutional corridor between Europe and Asia.