SIX is studying the creation of a European platform for both spot and derivatives crypto trading to serve institutional investors.
Switzerland's favorable crypto regulations position SIX to attract traditional investors interested in digital assets.
SIX’s experience with AsiaNext and digital bonds may guide its potential crypto expansion into the European market.
The Swiss stock exchange, SIX, is exploring the creation of a dedicated platform for cryptocurrency trading in Europe. The venue could provide access to both spot crypto and derivatives trading, aiming to capitalize on increasing interest from institutional investors. This initiative would position SIX to compete with established digital asset firms such as Binance, OKX, and Coinbase.
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SIX plans to leverage Switzerland's favorable cryptocurrency regulations, which have made the country one of Europe's most crypto-friendly environments. This appeal could draw large traditional investors to the platform, particularly as cryptocurrencies become a more recognized asset class. The company's global head of exchanges, Bjørn Sibbern, indicated that SIX is studying the potential for integrating crypto into their European operations.
Traditional Firms Hesitate, But Interest Grows
While some major financial firms, including Deutsche Boerse and Nomura, have launched separate crypto exchanges, many traditional institutions have been hesitant to enter the market. Concerns over regulatory clarity and reputational risks have largely kept them at bay. However, Sibbern noted a growing trend in which global banks and financial institutions are increasingly considering cryptocurrency as a viable asset.
SIX's initiative aligns with this shift in sentiment, as the exchange contemplates establishing a dedicated European platform for crypto trading. The platform, however, would cater exclusively to institutional investors, such as asset managers, reinforcing the idea that crypto is becoming part of mainstream finance.
Singapore Ventures Inform European Plans
SIX’s involvement in the crypto space is not entirely new. The company operates AsiaNext, a crypto derivatives platform based in Singapore through a partnership with Japan's SBI Group.
This experience may influence the development of a European counterpart. Sibbern emphasized that the company is still in the decision-making phase and could choose not to proceed, but the possibility remains open.
In addition to these developments, SIX runs a digital exchange that has listed nine digital bonds since 2018, with issuers including UBS and Lugano's local authority. This digital exchange could potentially be expanded to support cryptocurrency trading, which would further solidify SIX’s position in the digital asset market.
