The Swiss stock exchange is going to open a cryptocurrency exchange, that it claims will be the first of its kind in the world.
The plan, disclosed Friday by the swiss stock exchange operator SIX, is to create a “fully integrated trading, settlement and custody infrastructure for digital assets,” so as to “provide a secure atmosphere for provision and trading” established cryptocurrencies like bitcoin, and tokens issued in so-called initial coin offerings.
The custody aspect is notable, as the safety of stored cryptocurrencies is one of the massive fears in this market.
“This is that the starting of a new era for capital markets infrastructures. For us it's abundantly clear that much of what's happening within the digital area is here to stay and will define the future of our business,” said SIX chief executive officer Jos Dijsselhof.
Here’s a promotional interview with the company’s head of securities and exchanges, Thomas Zeeb, in which he sets out the timeline for this project: SIX hopes to go live with this new exchange in the first half of 2019, regulatory permission pending.
SIX isn't the primary operator of a traditional stock exchange to get into cryptocurrency trading. The TMX group, which runs the Toronto stock exchange, declared its own cryptocurrency brokerage service earlier this year, and intercontinental Exchange, that own the new york stock exchange, is reportedly also toying with the concept.
However, while there's still institutional enthusiasm for the cryptocurrency space, virtual currencies aren’t doing thus well immediately. Bitcoin has crashed from the highs of almost-$20,000 that it reached in december. And while it looked earlier on like things might be looking up in the house, on Friday the market was a sea of red, with Bitcoin down 1.8% on the day (to a current worth of $6,595,) Ethereum down 3.3%, XRP down 4.5%, Bitcoin cash down 4.8% and eos down five.5%.
The plan, disclosed Friday by the swiss stock exchange operator SIX, is to create a “fully integrated trading, settlement and custody infrastructure for digital assets,” so as to “provide a secure atmosphere for provision and trading” established cryptocurrencies like bitcoin, and tokens issued in so-called initial coin offerings.
The custody aspect is notable, as the safety of stored cryptocurrencies is one of the massive fears in this market.
“This is that the starting of a new era for capital markets infrastructures. For us it's abundantly clear that much of what's happening within the digital area is here to stay and will define the future of our business,” said SIX chief executive officer Jos Dijsselhof.
Here’s a promotional interview with the company’s head of securities and exchanges, Thomas Zeeb, in which he sets out the timeline for this project: SIX hopes to go live with this new exchange in the first half of 2019, regulatory permission pending.
SIX isn't the primary operator of a traditional stock exchange to get into cryptocurrency trading. The TMX group, which runs the Toronto stock exchange, declared its own cryptocurrency brokerage service earlier this year, and intercontinental Exchange, that own the new york stock exchange, is reportedly also toying with the concept.
However, while there's still institutional enthusiasm for the cryptocurrency space, virtual currencies aren’t doing thus well immediately. Bitcoin has crashed from the highs of almost-$20,000 that it reached in december. And while it looked earlier on like things might be looking up in the house, on Friday the market was a sea of red, with Bitcoin down 1.8% on the day (to a current worth of $6,595,) Ethereum down 3.3%, XRP down 4.5%, Bitcoin cash down 4.8% and eos down five.5%.
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