The Swiss Stock Exchange has announced a “major stake” in Custodigit a joint venture between Swisscom & digital asset Bank Sygnum. Simultaneously, the company announced it would partner with Swisscom and Sygnum to provide an “Institutional Digital Asset Gateway.”
Swisscom is Switzerland’s top telecoms & IT company, and Sygnum is the first digital asset bank to be formally recognized by Switzerland’s financial regulator, FINMA.
The Swiss Stock Exchange said that, subject to regulatory approvals, SIX Digital Exchange and Custodigit will provide this gateway that will support the complete investment value-chain from trading, to smart order routing, to settlement, to custody as well as access to secondary markets. The goal is to give banks, and their customers, a trusted, safe, secure, compliant access to cryptocurrencies and other digital assets.
Banks will also have the option to leverage Custodigit’s offering either through a direct platform integration solution, or a managed sub-custody setup as already provided by Sygnum.
A joint service is expected to be released in Q1 2021 with plans to add significant capabilities throughout the year.
Banks may leverage the Gateway to develop new financial services and “yet to be imagined products” around crypto and digital assets for their customers. This partnership will also build upon the recent SIX investment in Omniex.
Thomas Zeeb, Chairman SIX Digital Exchange and Member Executive Board, SIX, stated:
“Coupled with our recent CBDC announcement with the SNB and BIS, this is potentially one of the most significant shifts in the digital finance space right now. Custodigit is a functioning operator for digital asset servicing – not just an idea to be realised. Coupled with our very productive relationship with Swisscom and Sygnum Bank – it is clear that we have the perfect balance of elements to allow clients to access the digital markets to meet their needs. Today, and for the future.”
Tim Grant, Head SIX Digital Exchange, added that Swisscom is a powerhouse and trusted infrastructure provider and Sygnum Bank has emerged a global leader in the regulated digital asset banking space.
“Adding the significant experience and advances that SIX has developed through SIX Digital Exchange and building on the great work achieved by Custodigit to date, will allow this partnership to deliver a truly differentiated institutional offering to banks and their customers in Switzerland and around the world.”
Peter Hofmann, CEO of Custodigit, said the partnership allows SIX to offer them the ability and conviction to strengthen and globalize their offering and to be the future of capital markets.
Johannes Höhener, Head Fintech of Swisscom, said that digital assets will fundamentally change the financial industry.
“Together with SIX and the existing partners, we look forward to empowering even more banks to offer digital asset services, driving more innovation and positive change for the industry and, most importantly, value for our clients,” added Fabian Dori, Sygnum Group CEO.