Cryptocurrencies

SBI Teams Up With Swiss SIX Exchange to Offer Institutional Crypto Services in Singapore

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SBI Holdings, through its subsidiary SBI Digital Asset Holdings, has inked a deal with Switzerland’s SIX Digital Exchange to offer digital asset services for institutional investors in Singapore.

  • Announced Tuesday, the two firms have launched a joint venture to form a Singapore-based digital asset exchange and issuance platform, and a central securities depository (CSD).
  • The new entity is set to go live in 2022, subject to regulatory approvals from the Monetary Authority of Singapore.
  • SBI, a Ripple investor and partner headquartered in Tokyo, said the joint venture is aimed to meet the demands of institutional investors for digital assets, and will offer digital asset custody, as well as other services.
  • SIX Digital Exchange is part of the SIX Group, which operates the primary Swiss stock exchange.
  • In order to support institutional clients, the firm will leverage its network in Switzerland and Europe, while SBI will do the same in the Asian marketplace.
  • “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,” said Tim Grant, head of the SIX Digital Exchange.

See also: Ripple to Invest in Japan’s SBI Subsidiary MoneyTap

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