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Swiss stock exchange forms new partnership with Omniex as gateway for crypto exchanges

SIX Swiss Exchange, the leading stock exchange in Switzerland, has entered into a new partnership with San Francisco based firm Omniex to gain access to crypto exchanges. The partnership that was announced on Feb. 25 through a press release, will enable SIX and its customers to trade in digital assets and cryptocurrencies.

Also included in the deal is SIX becoming a shareholder in Omniex, a company that specialises in developing trading platforms targeted at institutional investors seeking to participate in the crypto assets market. The partnership also covers the upcoming SIX Digital Exchange (SDX) as well as all assets that will be listed on the trading platform.

According to SIX’s management, the move was made in the response to the growing need for investors in the conventional market to access crypto. The exchanges Executive Board member, Thomas Zeeb alluded to this point by saying

Our new collaboration will provide a standardized and secure gateway via SIX as the trusted partner of the financial industry.

Omniex’s CEO and Co-Founder, Hu Liang, expressed his agreement with Zeeb saying that the partnership was aimed at addressing the need for investors and SDX client base. He labelled the deal as

an end-to-end solution for the trading and settlement of digital assets, including the SIX Digital Exchange (SDX)

Liang was also quick to notice and appreciate the accommodative nature of Switzerland’s regulatory environment in regards to cryptocurrencies saying

Swiss market leads other major financial markets in the adoption of legislation and regulation.

This news about the partnership follows through an earlier announcement made by SIX back in July 2018 that they were set to launch a digital asset exchange. The Swiss stock exchange had revealed that their forthcoming platform would be “a fully integrated trading, settlement, and custody infrastructure for digital assets” to be supervised directly by the country’s regulators.

A few month ago, on Sept. 23, 2019, SIX had deployed a prototype for their SDX to showcase the capabilities of distributed ledger technology. They were able to demonstrate how they could use the technology on their platform to make settlements, issue security tokens and live trade. The successful test run of the prototype further solidified their intention to launch a fully functional SDX that will act as a gateway to digital exchanges including crypto and market makers.

Plans are underway for SIX to conduct an ‘Initial Digital Offering’ for their SDX in mid-2020. This will precede the launch of the SDX slated for the fourth quarter.

Image courtesy of Pixabay

Edward Nored

Edward Nored

Edward is a naturally curious BTC lover with a deep interest in blockchain, fin tech, fields which he dedicates his time to researching.

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