Swiss Stock Exchange Announces Plans To Go Crypto

Switzerland’s leading stock exchange, SIX, has announced plans for a cryptocurrency exchange under the same oversight and regulations as SIX itself. The exchange, hailed as a “new market infrastructure” will be regulated by Finma, the Swiss financial supervisor.

Aside from trading, the new platform will also offer deal settlement, asset custody, and other integrated post-transaction services. This will bring it closer in terms of services to a traditional stock exchange.

Last Friday, SIX announced that the first services on the new exchange should be released in the first half of 2019. SIX chief executive Jos Dijsselhof said, ““For us it is abundantly clear that much of what is going on in the digital space is here to stay and will define the future of our industry. The financial industry now needs to bridge the gap between traditional financial services and digital communities.”

SIX is not the only stock exchange that has expressed interest in cryptocurrencies. In April, Adena Friedman, Nasdaq CEO said, “Certainly Nasdaq would consider becoming a crypto exchange over time.” The parent company of the New York Stock Exchange has been busy creating an online trading platform for large institutional investors to buy and hold Bitcoin.

At the same time, the Deutsche Boerse, the German stock exchange operator and one of the world’s largest trading centres for securities, is contemplating whether to offer crypto-related services including Bitcoin futures.

Crypto is gaining significant ground worldwide as major crypto exchange Binance estimates that it expects a $1 billion net profit this year.

According to Bloomberg, Binance founder and CEO Changpeng Zhao said in an interview that Binance currently enjoys an average daily turnover of roughly $1.5 billion and has roughly 10 million users. This is big growth, as Zhao said that Binance had 2 million users at the beginning of 2018. Binance was started in July 2017, and has experienced rapid growth.

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