The project will build a corridor between Europe and Asia, says CEO of SBI Holdings
Japanese banking giant SBI Holdings, wholly owned subsidiary SBI Digital Asset Holdings, announced today that it will collaborate with the Swiss digital exchange SIX (SDX) in a joint cryptocurrency company in Singapore.
The partnership aims to establish a reliable regional liquidity center for institutions through a cryptocurrency issuing company. The company will offer a variety of services, including issuance, trading and storage of digital assets for investors, the press release said.
SDX's experience in operating trading and settlement agency services for digital assets in Europe, along with its reputation as a member of the SIX Group, is expected to be crucial to the success of the partnership.
This will allow the cryptographic enterprise to not only manage digital assets, but also perform tokenization of bonds and other existing assets such as digital bonds, digital stocks and digital securitized loans.
SBI Holdings CEO Yoshitaka Kitao said the partnership is an important step in building the global infrastructure needed for widespread institutional adoption of digital assets:
“Together with the strength of SDX in Switzerland and our planned digital exchange in Osaka, this venture will establish a powerful institutional corridor between Europe and Asia.”
The venture is set to meet the growing demand for investments in digital assets as a mechanism to diversify institutional portfolios across Asia Pacific. It is expected to focus its services on regulated institutions in the region, says the press release:
“The newly created joint venture aims to directly meet institutional investors' demands for digital assets such as digital securities and cryptographic assets, and brings together the technologies and know-how of the company and SDX in Singapore.”
The project is awaiting release from the Monetary Authority of Singapore (MAS) and is expected to formalize its operations by the end of 2022. The joint venture will begin offering its services in early 2022.
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