The service is designed for institutional clients that want to scale their Crypto Asset business. It allows institutions to store and transfer Crypto Assets without having to deal with the related operational and technical complexities safely and cost-effectively, as the press release says.
As SIX is a Financial Market Infrastructure provider, SDX Web3 can provide services for loss and theft prevention and is compliant regarding AML and sanction processes. All internal SDX Web3 processes are audited and help proactively manage associated risks.
The SDX Web3 Custody service includes key storage, transfer execution, and monitoring with banking-grade compliance standards, automated reporting and blockchain management. Initially the service comprises two cryptocurrencies, BTC and ETH, and based on client demand, the plan is to expand into further protocols and other crypto tokens such as stablecoins, assets, and DEFI tokens.
SDX is licensed by Switzerland’s financial market regulator, FINMA, to operate an Exchange and a Central Securities Depository (CSD). SDX offers issuance, listing, trading, settlement, servicing, and custody of digital securities. The company wants to work with partners, members, and clients to promote and build a new market structure for digital assets globally.
SDX Web3 is a newly founded business line focusing on supporting their clients’ Web3 activities. SIX operates and develops infrastructure services for the Swiss and Spanish Stock Exchanges, for Post-Trade Services, Banking Services and Financial Information with the aim of raising efficiency, quality and innovative capacity across the value chain of the Swiss and Spanish financial centres. The company is owned by its users (120 banks).
In September 2021 SIX Digital Exchange formally received green-light from FINMA to operate a stock exchange and a central securities depository for digital assets in Switzerland. The authorisation enables SDX to go operate a fully regulated, integrated trading, settlement, and custody infrastructure based on distributed ledger technology for digital securities.
Then, in July 2022 the company announced a strategic collaboration with Fireblocks, the digital asset and crypto technology platform. The SDX Web3 Services, was already working on integrating SDX non-custodial staking access into Fireblocks’ solution. Initially, the partnership focuses on delivering an institutional custody solution for digital assets, paving the way for a transition for financial institutions into the Web3 economy.
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