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Swiss banks aim to strengthen digital asset legitimacy

Tuesday 13 April 2021 12:43 CET | News

Switzerland-based banks Seba, Swissquote, Sygnum, Vontobel, and telecommunications company Swisscom have announced a joint feasibility study to lay the foundation for digital assets bankable reference prices.

In order to strengthen the legitimacy of digital assets and promote financial innovations, the companies jointly launched the Swiss Institutional Digital Asset Reference Rate (Sidar). During a two-week test period, the partners carried out daily fixings for Bitcoin and Ether. The banks acted as data providers and Swisscom as the calculation center.

According to a Swisscom representative, Switzerland is the ideal candidate for introducing benchmarks for digital assets at an institutional level since it has an advanced digital asset ecosystems. The Sidar is based exclusively on data from regulated banks and financial institutions and serves as a market indicator that reflects the interest and activity of the market for digital assets among regulated participants. After the completion of the pilot project, Swisscom is examining a possible commercial launch with its project partners.


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Keywords: partnership, digital assets, cryptocurrency, study
Categories: DeFi & Crypto & Web3
Companies:
Countries: Switzerland
This article is part of category

DeFi & Crypto & Web3