On Friday the company that owns and operates the Swiss stock exchange, Six, announced plans to launch a fully regulated cryptocurrency exchange, showing continued institutional interest in the space despite declining prices.
The new Digital Exchange will be supervised by the Swiss national bank and Swiss regulator FINMA, the company said.
“This is the beginning of a new era for capital markets infrastructures,” Jos Dijsselhof, the CEO of SIX said in a statement. “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 new digital exchange is set to launch in the first half of next year and will offer many features, such as end-to-end trading, settlement, and custody service for digital assets for bitcoin and ICO tokens. Thomas Zeeb, head of securities & exchanges at SIX, said in a statement:
“The digital space currently faces a number of key challenges. These include the absence of regulation that ensures official safety, security, stability, transparency, and accountability – all of which contribute to a lack of trust.”
This is not the first time an operator of a traditional stock exchange gets into cryptocurrency trading. The TMX Group, which runs the Toronto Stock Exchange, announced its own cryptocurrency brokerage service earlier this year, and Intercontinental Exchange, which owns the New York Stock Exchange, is reportedly also looking into it.