SIX Digital Exchange Now Offers Digital Asset Custody

The SIX Digital Exchange (SDX) announced three months ago that it was contemplating an institutional digital asset custody service and had reached a contract with technology supplier Fireblocks. SDX Web3 announced today that the custody solution is operational, allowing institutions to transfer the functional and technical challenges of bitcoin custody to SDX.

The initial target clientele is regulated, such as banks, product providers, and investment managers, and the initial focus is on Switzerland, with a view toward Europe.

SDX Web3 argues that the security requirements connected with a significant stock exchange group such as SIX distinguish the SDX product from most others in the market.

“The advantage of SDX is that it is a riskless counterparty – we are not a financially exposed counterparty,” SDX’s Stephan Kunz earlier stated regarding the new crypto custody service.

SIX Digital Exchange Now Offers Digital Asset Custody

The custody solution initially supports Bitcoin and Ether, with tokens such as stablecoins and Defi-related digital assets to be added based on customer demand in the future. SDX announced the debut of non-custodial Ethereum staking services in August.

SDX encompasses both cryptocurrency and the tokenization of physical goods. SIX used the platform to issue a tokenized bond when it first launched last year.

SIX isn’t the only well-known stock exchange involved with cryptocurrency custody. Nasdaq revealed ambitions to enter the digital asset custody market last month, but we feel it is still early in the process. Standard Chartered’s Zodia Custody and Nomura’s joint venture Komainu are two other incumbents with custody products.

BNY Mellon has partnered with Fireblocks, State Street Digital has partnered with Copper, and BNP Paribas Securities Services has partnered with Fireblocks and Metaco.

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