SIX Group, operator of the Swiss stock exchange, is reportedly exploring the creation of a new crypto trading platform in Europe to compete with major players like Binance, OKX, and Coinbase.
According to the Financial Times, Bjørn Sibbern, global head of exchanges at SIX Group, confirmed the company’s interest in expanding into the cryptocurrency market. He stated that they were assessing the development of a platform
“to facilitate trading, whether in [spot] crypto or derivatives.”
Sibbern added that the new platform would cater exclusively to institutional investors. He noted that the company is considering the move, highlighting that crypto has increasingly become “a recognized asset class” in the country and the continent. However, he did not provide details on the platform’s potential launch timeline.
Many Swiss financial institutions and companies like Deutsche Börse and Nomura have already launched dedicated crypto trading platforms, while some others are incorporating them into their existing services. Zurich Cantonal Bank (ZFB), Switzerland’s fourth-largest financial institution, has recently launched 24/7 crypto-focused services for its customers.
Sibbern also claimed the Group wants to capitalize on its strong reputation and leverage Switzerland’s crypto-friendly environment, which benefits from clear regulations governing asset trading and custody.
Notably, the news follows the Swiss Financial Market Supervisory Authority’s (FINMA) release of guidance in late July to address the risks and challenges related to stablecoins for issuers and banks offering guarantees. The regulator emphasized the importance of stablecoin issuers verifying the identities of token holders and beneficial owners to mitigate associated risks.
Meanwhile, Swiss crypto bank Amina is seeking a Virtual Asset Service Provider (VASP) licence from Austria’s Financial Market Authority, according to CEO Franz Bergmüller. The bank aims to expand into Europe, with Bergmüller stating,
“Our goal is to become the leading bank for the entire crypto ecosystem, serving miners, foundations, and crypto funds.”
Bergmüller highlighted the strong demand for crypto-backed loans and noted that Amina has a waiting list of crypto startups seeking traditional bank accounts.
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